The founder, largest shareholder and CEO of KRUK S.A., Mr Piotr Krupa, has acquired an equity interest in Magellan S.A. The shares he purchased in stock exchange transactions account for 5,53% of the share capital and of the total vote at the General Meeting of Magellan.
“To date, nearly all of the capital I have earned over the 17 years of my professional career has been concentrated in my equity interest in KRUK S.A. As an entrepreneur, I decided to diversify my investments by acquiring shares in a company with a business model that I know and understand. Likewise, I rate highly the skills of Magellan’s Management Board, as well as the prospects and market potential of the company itself,” Mr Piotr Krupa stated.
The funds to finance the purchase were obtained through the sale of a small portion of Mr Piotr Krupa’s holding in KRUK. The transaction, involving 400 thousand shares and structured as an accelerated bookbuilding process, was executed last week. The shares were purchased by both Polish and international investors. Prior to the deal, Mr Piotr Krupa had held 2,613,928 shares, conferring the right to 15.47% of the total vote at KRUK’s General Meeting.
Following the transaction, the KRUK’s founder has retained 2,213,928 shares, representing 13.10% of the total vote at KRUK’s General Meeting.
“I would like to emphasise that the chief purpose behind the sale of a stake in KRUK was to release cash for the purchase of Magellan shares and thus diversify my investment portfolio. I consider the acquisition of Magellan shares a financial investment and I intend to be a passive shareholder in the company. The transaction has no bearing on my plans and my assessment of the potential of the KRUK Group, in which I am still the largest shareholder and the CEO of KRUK S.A. I also do not envisage any further sale of KRUK shares in the next 12 months,” said Mr Piotr Krupa.