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Tanemo Is About to Gain Control of More Than 28% MONETA Money Bank Sharers

Tanemo a.s.

11/3/2021 | 1 minute to read

Tanemo a.s., a subsidiary of PPF Group, announces that under its voluntary tender offer to buy MONETA Money Bank's (MMB) stock, it has received acceptance confirmations assuming the purchase of 141,723,860 shares. Combined with the stake Tanemo owned before the VTO publication and subject to the VTO transaction settlement PPF Group is to become the owner of 28.36% shares in MMB. PPF is to pay CZK 11.3 billion for the shares tendered in the voluntary buyout process. The final settlement of the VTO acceptances is subject to the terms of VTO for MMB shares published on 8 February 2021.

Legal entities submitted the most acceptance letters delivered, with retail shareholders accounting for only 7% of all acceptances. Some 87% of acceptance letters have come from the MMB shareholders domiciled outside the Czech Republic.

The VTO settlement will proceed in two phases. The shares equal up to 10% of MMB will be settled on 24 March 2021. The second phase of the buyout process is subject to the Czech National Bank's approval (CNB). Tanemo submitted its formal request to CNB regarding this on 24 February 2021.

Tanemo announced its VTO for 20% MMB shares (with an option to increase the volume up to 29%) on Monday, 8 February 2021. The VTO was valid through 26 February 2021, with an option to extend it until 5 March 2021. Tanemo extended the VTO acceptance period through 5 March 2021 following multiple requests by MMB shareholders or nominee holders, facing delays to meet all formal terms of the VTO amid the pandemic restrictions. Under the VTO terms, Tanemo offered CZK 80 per one MMB share.

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