Information on the shares buy out by MOL

On 14 August 2019, MOL Group published its decision to exercise the Squeeze-out right relating to Slovnaft shares. On 4 September 2019, the National Bank of Slovakia approved the proposal together with the terms and conditions for the buy out (sqeeze-out). Then on 10 October 2019 the extraordinary general meeting of shareholders of Slovnaft approved the buy out (squeeze-out).

Majority shareholder, company MOL Nyrt., which has exercised the right of squeeze-out pursuant to § 118i of the Act on securities and investment services has also in line with this Act requested the Central Depository of Securities of the Slovak Republic for suspension of trading with shares of SLOVNAFT, a.s. The Central Depository of Securities has accepted the request of the shareholder and this suspension of trading of all emisions of shares is in effect as of 25.10.2019.

INFORMATION ABOUT PAYMENT OF REMUNERATION

You can find the frequently asked questions here.

More detailed information on the process and payment of remuneration for shares can be found at MOL Group website, in English language on this link and in Slovak language on this link.

This page provides basic information about the current status of the process.

If you have any questions, please contact Slovnaft by e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Basic Q&A:

Does the squeeze out include all of the Slovnaft shares in free float?

Yes, the squeeze out of Slovnaft shares by MOL Nyrt. affected all shares except those already held by MOL Nyrt.

Was it a legitimate right of MOL to execute a squeeze-out?

Yes.

It was fully in line with European and Slovak legislation. The Securities Act provides an opportunity for shareholders having above 95% in a company to execute squeeze-out for the purchase of the remaining shares under the conditions defined in the law.

What if the value of the consideration for the shares was sent to the address of my ancestor?

Pursuant to the applicable legislation, the consideration will be paid to the person who was registered as the owner of the shares or the shareholder or more precisely in accordance with the final decision on inheritance proceedings if it was submitted by shareholder in the required form.

If a mail order with remuneration for shares has been sent to address you know and you cannot reimburse it, or if it is not issued to you by the post office, it is probably because the testator was still listed as the owner of the shares in determining day. It also means that the conclusion of the inheritance proceedings was not recorded in a timely manner in the register of shareholders maintained by the Central Securities Depository of the Slovak Republic, a.s.

So how can I get consideration for the shares I inherited?

In order to be able to reimburse the consideration for shares that have been transferred to MOL Nyrt., you need to send a request for payment of consideration to the address below, specifying your data as an heir (ideally include a bank account) and request for the payment as an heir following a legally completed inheritance procedure with an officially certified signature. Include a copy of a report from the inheritance hearing or its notarial extract in the section related to shares.

You can then deliver this to:

SLOVNAFT, a.s.
Finance Back Office
Vlčie hrdlo 1
824 12 Bratislava

Therefore, there is no need to address the transfer of shares to the heir in the Central Securities Depository of the Slovak Republic, as., more precisely, as the shares are no longer traded, they were transferred to MOL Nyrt. Now it is only a matter of paying the relevant consideration and it is no longer possible to make a change of owner.

Was the amount of money paid as consideration taxed?

The amount of money that MOL Nyrt. payed was not taxed. The taxation of this income of the former shareholder of the company is a matter of his personal status, more precisely his responsibility according to the situation and conditions under which he held the shares.

In general, within the meaning of the Act:

Income from the sale of securities is exempt from personal income tax pursuant to § 9 para. 1, letter k) of the Income Tax Act, if the securities were not the taxpayer's commercial property and if the following conditions were simultaneously met:

(1) the securities were admitted to trading on a regulated or similar foreign regulated market at the time of their sale; the Income Tax Act for the purposes of this exemption does not restrict the manner in which they are acquired or the way they are sold; trading on a regulated market or by direct purchase or sale under a contract with the registration of a purchase / sale through a central securities depository,

(2) the seller has held such securities more than one year before their sale, and the Income Tax Act does not specify during what period before the securities in question were to be traded on a regulated market or a similar foreign regulated market.

This is not meant as an tax advice, merely intended as a basic information and we recommend contacting your tax adviser or respective experts.

In what extent did the payment of consideration happen already?

Based on the decision of the Extraordinary General Meeting on 10 October 2019, all shares held by minority shareholders shall be transferred onto MOL Plc. by operation of law, after 30 days following the registration of the decision of the Extraordinary General Meeting.

To whom was the payment for shares paid?

The Payment Agent provided consideration for the shares to the shareholder who was the owner of the shares at the time of the transfer of ownership of the shares to MOL Plc. according to the register of shareholders maintained by the Central Securities Depository of the Slovak Republic, a.s.

What is the case if there is any pledge / liens on the shares?

If the existence of a right of lien on shares is established and existing at the time of payment of the consideration, the Payment agent shall provide consideration to the pledgee up to the amount of the claim secured by the right of lien. This does not apply if the remaining shareholder proves that the agreement with the pledgee indicates otherwise.

Will I have a CDCP account after the squeeze out of Slovnaft shares?

The asset account was not redeemed by MOL Nyrt shareholders.

In general, the Central Depository of Securities of the Slovak Republic, a.s. (“CDCP”) automatically closes asset accounts on which no securities are registered in accordance with legal regulations (with § 173v (3) of Act No. 566/2001 Coll.). Thus, if the shareholder had only SLOVNAFT, a. s shares in his asset account, a CDCP account was closed when there were no securities registered on it.

How do I find out I don't have any more shares?

The former shareholders were informed of the transfer of shares by both the parties' communications and the media and subsequently the Central Securities Depository of the Slovak Republic, a.s. sent them change statement to their securities account.

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