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DZP has advised the company PEWIK Gdynia and its shareholders, including the cities/towns of Gdynia, Reda, Rumia and Wejherowo, on the sale of a minority shareholding in PEWIK to the Local Government Investment Fund (LGIF), represented by the Polish Development Fund.
In the transaction, the LGIF acquired approx. 25% of PEWIK’s shares and also concluded an investment agreement with its current shareholders and the company itself. The outcome was that the LGIF became a minority, passive shareholder in PEWIK. According to the investment agreement, it will not affect the company’s day-to-day management and after 20 years at the latest, as a result of redemption of the Fund’s shares, local governments will again become PEWIK’s sole shareholders.
The transaction was carried out thanks to the “Package for medium-sized cities” programme, which was set up in order to boost economic growth and improve the quality of life in medium-sized cities/towns in Poland. The Fund’s investment model is safe for local governments and their subsidiary companies. The Fund invests in well-managed, profitable municipal companies in a stable financial condition, thereby gaining a favourable capital investment and, for the municipalities, additional funds to carry out investments key to their development and the quality of life of inhabitants.
Within its advice, DZP took care of the formal side of the transaction, preparing the manner and procedure for selecting a share purchaser approved by the municipality board shareholders and coordinated performance of the procedure. DZP then drafted and negotiated the entire transaction documentation with the Polish Development Fund, mainly the investment agreement, share purchase agreement, and amendments to the articles of association due to arrangements made during the negotiations.
From 25 May 2018 the General Data Protection Regulation (GDPR) applies in Poland and other European Union countries. We would therefore like to give you several details on the subject of how DZP processes personal data.
The administrator of the personal data is Domański Zakrzewski Palinka Sp.k. (“DZP”; address: Rondo ONZ 1, 00-124 Warszawa). Data are processed for contact purposes and to impart information on changes to provisions and authority practices and on other issues, including events concerning day-to-day legal, economic and cultural issues, inter alia, by sending DZP newsletters. The above is carried out on the basis of legitimate interests, i.e. in accordance with art. 6(1)(f) of the GDPR. Data can also be processed where necessary for the conclusion or performance of a contract and for compliance with a legal obligation to which DZP is subject, i.e. pursuant to art. 6(1)(b) and (c) of the GDPR. Data can be transferred to entities with whose help DZP achieves the indicated aims, including entities maintaining IT infrastructure. Giving data is voluntary and in contractual relations is a requirement for concluding and performing a contract. It is possible to object to data processing, request access to, rectification and erasure of personal data or restriction of processing and data portability. Data are kept until an objection is made, and in contractual relations – throughout the term of the contract and thereafter for a period specified in provisions on archiving and limitations period for claims. Anyone has the right to file a complaint with the President of the Personal Data Protection Office. Questions concerning privacy at DZP can be sent to DZP’s Data Protection Inspector, Macieja Maciejewskiego, at: email@example.com.
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