Friday, 13th December 2013, Velenje, Slovenia

The next step of the public offering completed. Still ahead are the remaining payments by new investors and admission of shares to the Warsaw Stock Exchange

December 11, 2013 was the last they of the window for share subscription by retail investors in Poland, and for the bookbuilding process addressing the institutional investors in Poland and invited investors in Slovenia.  The latter will be able to subscribe the new shares from December 12 to 17, 2013; results of the offering will be known and announced on December 18, 2013. This will be followed by admission of shares to the Warsaw Stock Exchange.

Gorenje has already successfully carried out one stage of the public offering this autumn as Gorenje shares were subscribed by the Japanese Panasonic Corporation with which Gorenje had forged a strategic partnership in production, development, and sales. In the second stage of the offering, the shares were offered at identical terms to the existing shareholders, the employees, and then to new investors in Slovenia and in Poland. The subscription and bookbuilding process for new investors was completed yesterday. By December 17, the newly issued shares will be subscribed and paid in by the investors involved in the bookbuilding process; then, Gorenje shares will be admitted to trading on the Warsaw Stock Exchange, presumably by the end of this year. The value of the newly subscribed shares will be known on December 18, 2013. This will be followed by the third stage of the capital increase in which the current creditors will be invited to convert Gorenje's debt to the company's equity. With this third stage, the offering process will be complete.
Gorenje's public offering is an activity laid down in the adopted business plan and its intent is to expand the Group's development capacity and to improve its debt-to-equity ratio. The offering and admission of the shares to trading on the Warsaw Stock Exchange will also allow easier access for Gorenje to international capital markets in the future, which is also consistent with the corporate internationalization strategy.
Gorenje did not specify any required minimum amount of new shares subscribed in the offering at hand as, considering the uncertain conditions in Slovenia and in the international financial markets, it was the intent of the company to successfully complete the capital increase procedures in any case, and to use the proceeds as planned, according to the previously declared purpose of the public offering.