Last week, the price of shares of the Ukrainian company fell to 7.36 Polish zlotys. This is the lowest rate in history. The reason for the decline was the information that the company carried out an issue to qualified investors, selling them up to 216 million shares for just over PLN 1. More importantly, so far there have been 84 million shares in total. Although the company reported these plans in July, minority investors view the entire action as a deliberate dilution of capital in order to carry out the mandatory acquisition. Since March, the company has wanted to delist from the stock exchange, but a relevant number of shareholders have not responded to its call.
PGE is approaching the traditional limits of a bear market
News from the Economic Forum in Karpacz that the NABE project did not pass the Senate and will likely return to the House of Representatives, but after the elections, it caused prices for energy companies to fall. On Friday afternoon, PGE lost its ninth straight session. Quotes crossed the 50-session average and were clearly close to the 200-session threshold, the traditional bear market threshold. Information about the cancellation of the strategy update and media speculation that CEO Wojciech Dąbrowski will lose his position did not help the company either. The aforementioned 200-session average, which stands at PLN 7.2, is now the closest support.
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