Shareholders are complaining about Energa again. The court in Gdańsk has just received a lawsuit to revoke the resolution on the distribution of net profit for the financial year 2021. The company will allocate the entire profit of PLN 210 million to reserve capital. Shareholders will not see a penny of dividends. Behind the lawsuit are the minority shareholders gathered around Jan Trzciński and the Foundation “What is the most important” from Gdynia.
Shareholders versus energy concern. Trial against Energy
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In March 2022, the management board of Energa recommended not to pay dividends from the profit for 2021.
Subsequently, the Ordinary General Meeting decided that the company’s net profit for the financial year 2021 covering the period from January 1 to December 31, 2021 in the amount PLN 210 million will allocate it entirely to reserve capital. Above 90 percent shares in the company and votes at the general meeting are currently held by PKN Orlen.
Shareholders want a dividend payout
After consulting with lawyers as a shareholder of the company – Jan Trzciński together with two other shareholders objecting to the resolution, decided to file a lawsuit to repeal the resolution.
– We believe that we small shareholders are fully entitled to dividends. In the year of historically best results, our Energa can afford to pay regular dividends, like PKN Orlen, without prejudice to planned investments, say Energa’s minority shareholders.
Energa does not agree with the lawsuit brought.
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Energa’s good financial results for 2021
The Energa Group closed 2021 with a consolidated net profit at the level PLN 968 million to PLN 393 million losses a year earlier. The consolidated operating profit (EBIT) almost doubled – it amounted to near PLN 1.3 billion. The EBITDA result was PLN 2.4 billionand revenues – PLN 13.7 billion.
Lawsuits against Energi. Shareholders are waiting for the verdict
In 2022, two cases against the resolution on Energa leaves the Stock Exchange. The Tricity case brought by 12 plaintiffs, with the president of the “To, what the most important” Foundation, representing over 900 small shareholders of Energa, started on May 13, 2022. Currently, the parties are at the stage of exchanging pleadings, and the judgment is issued by the court is expected by the end of this year.
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On April 11, 2022, a similar case was launched – brought by another group of small shareholders (commonly known as the Warsaw Group). However, already in May 2022 the court decided to dismiss the claim the District Court in Gdańsk decided to repeal the resolution of the Extraordinary General Meeting of Energa SA regarding the withdrawal of the company’s shares from trading on the regulated market.