{"id":12418,"date":"2016-04-12T09:52:16","date_gmt":"2016-04-12T08:52:16","guid":{"rendered":"https:\/\/eph23.atelierzidlicky.eu\/?post_type=press-releases&#038;p=12418"},"modified":"2016-04-20T10:27:25","modified_gmt":"2016-04-20T09:27:25","slug":"eph-announces-intention-launch-initial-public-offering-ordinary-shares-gdrs-epif","status":"publish","type":"press-releases","link":"https:\/\/eph23.atelierzidlicky.eu\/en\/press-releases\/eph-announces-intention-launch-initial-public-offering-ordinary-shares-gdrs-epif\/","title":{"rendered":"EPH announces its&nbsp;intention to launch the&nbsp;Initial Public Offering of&nbsp;ordinary shares and&nbsp;GDRs of&nbsp;EPIF"},"content":{"rendered":"<p>NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN&nbsp;OR INTO THE&nbsp;UNITED STATES, AUSTRALIA, CANADA, OR JAPAN OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT<\/p>\n<p><em>This announcement is an advertisement for the&nbsp;purposes of&nbsp;the&nbsp;UK Prospectus Rules of&nbsp;the&nbsp;Financial Conduct Authority (the&nbsp;\u201cFCA\u201d) and&nbsp;Section 36k of&nbsp;the&nbsp;Czech Capital Markets Act and&nbsp;not a\u00a0prospectus and&nbsp;not an offer of&nbsp;securities for sale in&nbsp;any jurisdiction, including in&nbsp;or into the&nbsp;United States or in&nbsp;any other jurisdiction, including in&nbsp;or into Australia, Canada or Japan.<\/em><\/p>\n<p><em>The Offering (defined below) and&nbsp;the&nbsp;distribution of&nbsp;this announcement and&nbsp;other information in&nbsp;connection with the&nbsp;Offering in&nbsp;certain jurisdictions may be restricted by law and&nbsp;persons into whose possession any document or other information referred to herein comes should inform themselves about, and&nbsp;observe, any such restrictions. Any failure to comply with these restrictions may constitute a\u00a0violation of&nbsp;the&nbsp;securities laws of&nbsp;any such jurisdiction.<\/em><\/p>\n<p><em>Investors should not subscribe for or purchase any securities referred to in&nbsp;this announcement except on the&nbsp;basis of&nbsp;information in&nbsp;the&nbsp;prospectus to be published by EP\u00a0Infrastructure following approval by the&nbsp;Czech National Bank in&nbsp;connection with, inter alia, the&nbsp;admission to listing of&nbsp;its&nbsp;entire registered ordinary share capital to trading on the&nbsp;Prime Market of&nbsp;the&nbsp;Burza cenn\u00fdch pap\u00edr\u016f Praha, a.s. (the&nbsp;\u201cPrague Stock Exchange\u201d) and&nbsp;its&nbsp;global depositary receipts (\u201cGDRs\u201d) to the&nbsp;standard segment of&nbsp;the&nbsp;Official List of&nbsp;the&nbsp;United Kingdom Listing Authority and&nbsp;to trading on the&nbsp;main market for listed securities of&nbsp;the&nbsp;London Stock Exchange plc (the&nbsp;\u201cLondon Stock Exchange\u201d) (\u201cAdmission\u201d). The&nbsp;prospectus will, following approval and&nbsp;publication, be available on the&nbsp;website of&nbsp;the&nbsp;Company at <a href=\"http:\/\/www.epinfrastructure.cz\/en\/investors\/results-centre\/\" target=\"_blank\">http:\/\/www.epinfrastructure.cz\/en\/investors\/results-centre<\/a><\/em>.<\/p>\n<p>12 April 2016<\/p>\n<p><strong>EPH announces its&nbsp;intention to launch the&nbsp;Initial Public Offering of&nbsp;ordinary shares and&nbsp;GDRs of&nbsp;EPIF and&nbsp;listing of&nbsp;the&nbsp;ordinary shares on the&nbsp;Prague Stock Exchange and&nbsp;GDRs on the&nbsp;London Stock Exchange<\/strong><\/p>\n<p>EP Infrastructure, a.s. (\u201cEPIF\u201dor the&nbsp;\u201cCompany\u201d and, together with its&nbsp;subsidiaries, the&nbsp;\u201cGroup\u201d), a\u00a0leading energy infrastructure utility in&nbsp;the&nbsp;Slovak Republic and&nbsp;the&nbsp;Czech Republic, today announces that Energetick\u00fd a\u00a0pr\u016fmyslov\u00fd holding, a.s. (\u201cEPH\u201d or the&nbsp;\u201cSelling Shareholder\u201d) intends to proceed with an initial public offering (the&nbsp;\u201cOffering\u201d) of&nbsp;ordinary shares in&nbsp;EPIF, in&nbsp;the&nbsp;form of&nbsp;ordinary shares (the&nbsp;\u201cOffer Shares\u201d) to be listed on the&nbsp;Prime Market of&nbsp;the&nbsp;Prague Stock Exchange, and&nbsp;of&nbsp;GDRs (the&nbsp;\u201cOffer GDRs, and&nbsp;together with the&nbsp;Offer Shares, the&nbsp;\u201cOffer Securities\u201d) to be admitted to listing on the&nbsp;standard segment of&nbsp;the&nbsp;Official List of&nbsp;the&nbsp;United Kingdom Listing Authority and&nbsp;trading on the&nbsp;main market for listed securities of&nbsp;the&nbsp;London Stock Exchange (subject to satisfying certain eligibility criteria).<\/p>\n<p><strong>EPIF Overview<\/strong><br \/>\nEPIF is a\u00a0leading energy infrastructure utility primarily focused on regulated and&nbsp;long-term contracted activities. The&nbsp;Group operates through four principal segments: Gas Transmission, Gas and&nbsp;Power Distribution, Heat Infra and&nbsp;Gas Storage. Across these segments, EPIF owns and&nbsp;operates strategically important infrastructure assets with high barriers to entry and&nbsp;strong cash flow generation capability. The&nbsp;Group operates primarily in&nbsp;the&nbsp;Slovak Republic and&nbsp;the&nbsp;Czech Republic.<\/p>\n<p>\u2022 Gas Transmission. Eustream acts as the&nbsp;sole gas Transmission System Operator (\u201cTSO\u201d) in&nbsp;the&nbsp;Slovak Republic. Eustream\u2019s pipeline is part of&nbsp;the&nbsp;Central Corridor, which is one of&nbsp;the&nbsp;largest and&nbsp;most important piped gas import routes into Europe<\/p>\n<p>\u2022 Gas and&nbsp;Power Distribution. EPIF is a\u00a0leader in&nbsp;the&nbsp;gas distribution market in&nbsp;the&nbsp;Slovak Republic and&nbsp;the&nbsp;second largest distributor and&nbsp;supplier of&nbsp;power in&nbsp;the&nbsp;Slovak Republic<\/p>\n<p>\u2022 Heat Infra. EPIF is a\u00a0leader in&nbsp;heat distribution in&nbsp;the&nbsp;Czech Republic<\/p>\n<p>\u2022 Gas Storage. EPIF is a\u00a0leader in&nbsp;gas storage capacity in&nbsp;the&nbsp;region of&nbsp;the&nbsp;Slovak Republic, Czech Republic and&nbsp;Austria<\/p>\n<p><strong>Key Strengths<\/strong><br \/>\n\u2022 A\u00a0Strong Position in&nbsp;Solid Central European Economies and&nbsp;High Degree of&nbsp;Diversification<\/p>\n<ul>\n<li>Market-leading positions across all of&nbsp;the&nbsp;Group\u2019s business segments and&nbsp;geographies<\/li>\n<li>Focus on the&nbsp;Slovak Republic and&nbsp;the&nbsp;Czech Republic, which benefit from strong economic fundamentals, stable EU-compliant regulatory frameworks and&nbsp;growth potential<\/li>\n<li>A unique combination of&nbsp;assets encompassing several infrastructure segments, thus providing greater diversification and&nbsp;resilience compared to sector peers<\/li>\n<\/ul>\n<p>\u2022 Regulated or Long-Term Contracted Activities<\/p>\n<ul>\n<li>Regulated activities or long-term contracts translate to predictable and&nbsp;stable business profiles across segments<\/li>\n<li>Robust regulatory regimes based on EU regulatory framework<\/li>\n<\/ul>\n<p>\u2022 High and&nbsp;Predictable Cash Flows and&nbsp;Cash Flow Conversion<\/p>\n<ul>\n<li>Predictable cash flows across segments as the&nbsp;majority of&nbsp;revenue is derived from transparent regulatory frameworks or long-term fixed capacity contracts<\/li>\n<li>High Adjusted EBITDA to cash flow conversion due to a\u00a0modern and&nbsp;well invested asset base, limited capital expenditure requirements and&nbsp;predictable and&nbsp;stable maintenance costs<\/li>\n<\/ul>\n<p>\u2022 Continued Opportunities for Optimisation and&nbsp;Growth<\/p>\n<ul>\n<li>Proven track record and&nbsp;continued focus on efficiency gains and&nbsp;business optimisation<\/li>\n<li>Attractive business development opportunities<\/li>\n<\/ul>\n<p><strong>The Offering<\/strong><br \/>\n\u2022 The&nbsp;Offering is expected to include (i) a\u00a0public offer of&nbsp;the&nbsp;Offer Securities to eligible employees of&nbsp;the&nbsp;Group in&nbsp;the&nbsp;Czech Republic and&nbsp;the&nbsp;Slovak Republic, and&nbsp;(ii) an institutional offering of&nbsp;the&nbsp;Offer Securities in&nbsp;the&nbsp;Czech Republic, the&nbsp;Slovak Republic and&nbsp;in&nbsp;other jurisdictions. The&nbsp;Offer Securities will be offered in&nbsp;the&nbsp;United States to qualified institutional buyers (\u201cQIBs\u201d) in&nbsp;reliance on Rule 144A under the&nbsp;Securities Act, and&nbsp;outside the&nbsp;United States in&nbsp;offshore transactions in&nbsp;reliance on Regulation S\u00a0under the&nbsp;Securities Act. Each of&nbsp;the&nbsp;Company and&nbsp;the&nbsp;Selling Shareholder will agree to customary lock-up arrangements in&nbsp;respect of&nbsp;the&nbsp;ordinary shares and&nbsp;GDRs for specified periods of&nbsp;time following Admission.<\/p>\n<p>\u2022 The&nbsp;Offering is expected to be completed in&nbsp;Q2\u00a02016, subject to market conditions<\/p>\n<p>\u2022 Citigroup Global Markets Limited, J.P. Morgan Securities plc, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale and&nbsp;UniCredit Bank AG, London Branch are acting as Joint Global Coordinators and&nbsp;Joint Bookrunners, WOOD &amp; Company Financial Services, a.s. as Joint Lead Manager and&nbsp;Domestic Offering Coordinator and&nbsp;UniCredit Bank Czech Republic and&nbsp;Slovakia, a.s. as the&nbsp;Employee Offer Manager<\/p>\n<p><strong>Shareholder Structure and&nbsp;Use of&nbsp;Proceeds<\/strong><br \/>\nThe&nbsp;Group is currently controlled by EPH, a\u00a0leading Central European energy group, which holds 100% of&nbsp;the&nbsp;Group\u2019s registered capital and&nbsp;voting rights and&nbsp;will receive all of&nbsp;the&nbsp;net proceeds from the&nbsp;Offering. EPH is committed to remaining a\u00a0long-term investor in&nbsp;EPIF and&nbsp;intends to retain majority ownership of&nbsp;the&nbsp;Group. Through the&nbsp;Offering, EPH will raise the&nbsp;profile of&nbsp;the&nbsp;Group and&nbsp;provide the&nbsp;Group with greater flexibility for its&nbsp;financing strategy in&nbsp;the&nbsp;future. EPH intends to use most of&nbsp;the&nbsp;net proceeds from the&nbsp;Offering to buy back its&nbsp;own shares held by Biques Limited, a\u00a0passive financial investor in&nbsp;EPH.<\/p>\n<p><strong>Comment<\/strong><br \/>\nCommenting on today\u2019s announcement, Daniel K\u0159et\u00ednsk\u00fd, Chairman of&nbsp;the&nbsp;Supervisory Board of&nbsp;EPIF, said:<br \/>\n\u201cIn EPIF we have created a\u00a0leader in&nbsp;energy infrastructure in&nbsp;Central Europe, bringing together some of&nbsp;the&nbsp;strongest EPH assets in&nbsp;one integrated Group. With its&nbsp;key role in&nbsp;gas transport for European markets and&nbsp;its&nbsp;market-leading positions in&nbsp;the&nbsp;energy sectors of&nbsp;the&nbsp;Slovak Republic and&nbsp;Czech Republic, EPIF\u2019s aim is to generate strong and&nbsp;stable revenues in&nbsp;the&nbsp;coming years. As a\u00a0founder of&nbsp;EPIF, my intention is to ensure attractive and&nbsp;sustainable dividend payments for all our shareholders, based on our high quality assets and&nbsp;the&nbsp;growing economies in&nbsp;the&nbsp;region \u201c<\/p>\n<p>Tom\u00e1\u0161 David, CEO of&nbsp;EPIF, said:<br \/>\n\u201cWe operate a\u00a0portfolio of&nbsp;modern, well-invested and&nbsp;long-lived infrastructure assets which are of&nbsp;vital importance to the&nbsp;European energy market. Our strong market positioning is reflected in&nbsp;the&nbsp;long-term nature of&nbsp;our contracts with customers and&nbsp;our resilient financial performance. As a\u00a0result of&nbsp;our stable and&nbsp;predictable cash flow generation, we are well-placed to provide an attractive dividend yield to our shareholders whilst being able to pursue value-creative projects associated with our current asset portfolio and&nbsp;acquisitions that deliver synergies or offer attractive returns.\u201d<br \/>\nEnds<\/p>\n<p><strong>Enquiries<\/strong><br \/>\nCitigate Dewe Rogerson (London) +44 (0)20\u00a07638\u00a09571<br \/>\nDavid Westover +44 (0)20\u00a07\u00a0282\u00a02886<br \/>\nSandra Novakov +44 (0)20\u00a07\u00a0282\u00a01089<\/p>\n<p>Cook Communications (Prague)<br \/>\nJoe Cook +420\u00a0602\u00a0683\u00a0230<br \/>\nPetra Kallista +420\u00a0736\u00a0418\u00a0889<br \/>\nMichal Proch\u00e1zka +420\u00a0734\u00a0865\u00a0377<\/p>\n<p><strong>Financial Highlights<\/strong><br \/>\nThe&nbsp;Group recorded sales and&nbsp;net profit in&nbsp;2015 of&nbsp;EUR&nbsp;3,265.2 million and&nbsp;EUR&nbsp;622.7 million, respectively. It generated Adjusted EBITDA of&nbsp;EUR&nbsp;1,433.5 million and&nbsp;a\u00a0cash conversion ratio after tax of&nbsp;66%. As of&nbsp;31 December 2015 the&nbsp;total consolidated assets of&nbsp;the&nbsp;Group were EUR&nbsp;9,709.8 million.<\/p>\n<p><strong>Dividend Policy<\/strong><br \/>\nAlthough the&nbsp;Company does not give any assurance that it will distribute any dividend or, if distributed, as to the&nbsp;amount of&nbsp;any such dividend (which may vary from year to year), the&nbsp;aim of&nbsp;the&nbsp;Company is to follow the&nbsp;guidelines below in&nbsp;relation to dividend payments (subject to a\u00a0change in&nbsp;circumstances):<\/p>\n<p>\u2022 2015 Dividend Payment. In&nbsp;respect of&nbsp;the&nbsp;fiscal year ended 31 December 2015, the&nbsp;Company intends to distribute a\u00a0dividend of&nbsp;approximately EUR&nbsp;365 million in&nbsp;2016.<br \/>\n\u2022 Targeted Dividend Growth. In&nbsp;the&nbsp;subsequent fiscal years until 2020, the&nbsp;Company aims to grow the&nbsp;dividend per share by 3\u00a0per cent. per year.<br \/>\n\u2022 Distribution of&nbsp;Cash Not Used for Financing of&nbsp;Growth Opportunities. In&nbsp;the&nbsp;period from 2016 to 2020, to the&nbsp;extent the&nbsp;Company does not identify suitable growth opportunities it intends to pay out cash available for distribution generated in&nbsp;excess of&nbsp;the&nbsp;targeted dividend payments described above every two years.<br \/>\n\u2022 Long-term Dividend Policy. In&nbsp;the&nbsp;long run, subject to potential investments in&nbsp;growth opportunities considered by the&nbsp;Company to be prudent and&nbsp;value creative, the&nbsp;Company intends to pay out any cash available for distribution in&nbsp;the&nbsp;fiscal years after 2020.<\/p>\n<p><strong>About EPIF<\/strong><br \/>\nEPIF is a\u00a0leading energy infrastructure utility primarily focused on regulated and&nbsp;long-term contracted activities. The&nbsp;Group generates the&nbsp;majority of&nbsp;its&nbsp;Adjusted EBITDA in&nbsp;the&nbsp;Slovak Republic and&nbsp;Czech Republic, where its&nbsp;principal operations are located.<br \/>\nEPIF operates through four principal segments: Gas Transmission, Gas and&nbsp;Power Distribution, Heat Infra and&nbsp;Gas Storage.<br \/>\nThe&nbsp;Group\u2019s Gas Transmission Business consists solely of&nbsp;Eustream. Eustream is the&nbsp;owner and&nbsp;operator of&nbsp;one of&nbsp;the&nbsp;major European gas pipelines and&nbsp;is the&nbsp;only gas TSO in&nbsp;the&nbsp;Slovak Republic. The&nbsp;transmission network of&nbsp;Eustream is part of&nbsp;the&nbsp;Central Corridor which is one of&nbsp;the&nbsp;largest (based on volume of&nbsp;gas transmitted in&nbsp;2015) and&nbsp;the&nbsp;most important piped gas import routes into Europe. Eustream is one of&nbsp;the&nbsp;largest natural gas transporters within the&nbsp;EU, accounting for up to a\u00a0third of&nbsp;the&nbsp;total gas transporting capacity from Russia to Western Europe, and&nbsp;for more than 20 per cent. of&nbsp;Europe\u2019s total piped gas import capacity. The&nbsp;transmission capacity of&nbsp;Eustream\u2019s system is approximately 80 bcm in&nbsp;the&nbsp;East-West direction. The&nbsp;total transported volume for the&nbsp;year ended 2015 was 55.8 bcm as compared to the&nbsp;total amount of&nbsp;gas consumed within the&nbsp;EU which was 426.3 bcm, according to Eurogas initial estimates.<br \/>\nEPIF\u2019s Gas and&nbsp;Power Distribution business consists of&nbsp;the&nbsp;gas distribution division, the&nbsp;power distribution division and&nbsp;the&nbsp;supply division. The&nbsp;power distribution division distributes electricity in&nbsp;the&nbsp;central Slovak region and&nbsp;the&nbsp;Group undertakes those activities through the&nbsp;SSE Group. The&nbsp;gas distribution division distributes natural gas within the&nbsp;territory of&nbsp;the&nbsp;Slovak Republic and&nbsp;undertakes those activities through SPP \u2013 distrib\u00facia, a.s. (\u201cSPPD\u201d). Its&nbsp;network provides access to natural gas to 2,234 villages, towns and&nbsp;cities, which are home to 94 per cent. of&nbsp;the&nbsp;Slovak population (source: National Report 2014, Regulatory Office for Network Industries). In&nbsp;2014, SPPD also distributed approximately 98 per cent. of&nbsp;the&nbsp;total amount of&nbsp;gas distributed in&nbsp;Slovakia (source: National Report 2014, Regulatory Office for Network Industries). The&nbsp;supply division primarily supplies power and&nbsp;natural gas to end-consumers. These activities are undertaken by EPIF through EP\u00a0ENERGY TRADING, a.s. (\u201cEPET\u201d) in&nbsp;the&nbsp;Czech Republic and&nbsp;through Stredoslovensk\u00e1 energetika, a.s. (\u201cSSE\u201d), in&nbsp;Slovakia. EPET and&nbsp;SSE also purchase and&nbsp;sell power, including sales in&nbsp;the&nbsp;wholesale market of&nbsp;electricity generated by the&nbsp;Group in&nbsp;its&nbsp;Heat Infra Business and&nbsp;purchases of&nbsp;electricity and&nbsp;natural gas to supply customers as part of&nbsp;the&nbsp;division\u2019s supply activities.<br \/>\nEPIF\u2019s Gas Storage business owns and&nbsp;operates natural gas storage facilities in&nbsp;the&nbsp;Czech Republic and&nbsp;Slovakia. It conducts its&nbsp;activities through subsidiaries Nafta a.s. (\u201cNAFTA\u201d) and&nbsp;SPP Storage, s.r.o. (\u201cSPP Storage\u201d) and&nbsp;associate Pozagas, a.s. (\u201cPozagas\u201d). The&nbsp;total capacity of&nbsp;the&nbsp;storage facilities operated by the&nbsp;Gas Storage business (including Pozagas) as of&nbsp;31 December 2015 was 3,766 million cubic metres as measured at 15\u00b0 C. NAFTA also conducts certain oil and&nbsp;gas exploration and&nbsp;production activities through its&nbsp;exploration and&nbsp;production division.<br \/>\nEPIF\u2019s Heat Infra Business owns and&nbsp;operates three large-scale cogeneration plants in&nbsp;the&nbsp;Czech Republic and&nbsp;also owns and&nbsp;operates, through its&nbsp;73.8 per cent. owned subsidiary, Pra\u017esk\u00e1 Tepl\u00e1rensk\u00e1 (\u201cPT\u201d), the&nbsp;most extensive district heating system in&nbsp;the&nbsp;Czech Republic, which supplies heat to the&nbsp;City of&nbsp;Prague. The&nbsp;Group is the&nbsp;largest heat supplier in&nbsp;terms of&nbsp;heat supplied to final consumers in&nbsp;the&nbsp;Czech Republic, supplying 4.4 TWh (15.9 PJ) of&nbsp;heat for the&nbsp;year ended 31 December 2015, 4.3 TWh (15.6 PJ) of&nbsp;heat for the&nbsp;year ended 31 December 2014 and&nbsp;5.3 TWh (18.9 PJ) of&nbsp;heat for the&nbsp;year ended 31 December 2013. EPIF is one of&nbsp;the&nbsp;lowest cost providers of&nbsp;heat in&nbsp;the&nbsp;Czech Republic and&nbsp;it consistently charges lower heat tariffs than the&nbsp;national average (with the&nbsp;exception of&nbsp;PT, which had a\u00a02014 tariff slightly higher than the&nbsp;average). The&nbsp;heat generated in&nbsp;the&nbsp;Group\u2019s cogeneration power plants is supplied mainly to retail customers through well-maintained district heating systems. EPIF also recently acquired Budapesti Er\u00f6m\u00fc Zrt. (\u201cBERT\u201d), which is a\u00a0leading heat producer in&nbsp;the&nbsp;Budapest area that delivered approximately 1.8 TWh (6.3 PJ) of&nbsp;heat in&nbsp;2015. EPIF was also the&nbsp;second largest provider of&nbsp;ancillary power services in&nbsp;terms of&nbsp;electricity generated in&nbsp;the&nbsp;Czech Republic (reported by the&nbsp;Czech Energy Regulatory Office) for the&nbsp;year ended 31 December 2015.<br \/>\nCertain Defined Terms<br \/>\n\u201cAdjusted EBITDA\u201d for the&nbsp;Group represents operating profit plus depreciation of&nbsp;property, plant and&nbsp;equipment and&nbsp;amortisation of&nbsp;intangible assets less negative goodwill (if applicable). Adjusted EBITDA is a\u00a0non-IFRS financial measure used by the&nbsp;management of&nbsp;the&nbsp;Group to report the&nbsp;funds generated from continuing operations.<br \/>\n\u201cCash conversion ratio\u201d for the&nbsp;Group represents (Adjusted EBITDA \u2013 Capital expenditures excluding emission allowances \u2013 tax paid)\/Adjusted EBITDA. Cash conversion ratio is a\u00a0non-IFRS financial measure used by the&nbsp;management of&nbsp;the&nbsp;Group to report the&nbsp;degree of&nbsp;transforming Adjusted EBITDA to cash.<\/p>\n<p><strong><em>Disclaimer<\/em><\/strong><br \/>\n<em>These materials are not for distribution, directly or indirectly, in&nbsp;or into the&nbsp;United States (including its&nbsp;territories and&nbsp;possessions, any State of&nbsp;the&nbsp;United States and&nbsp;the&nbsp;District of&nbsp;Columbia). The&nbsp;Offer Securities referred to herein may not be offered or sold in&nbsp;the&nbsp;United States absent registration or an exemption from registration under the&nbsp;U.S. Securities Act of&nbsp;1933, as amended (the&nbsp;\u201cSecurities Act\u201d). The&nbsp;Company does not intend to register any of&nbsp;the&nbsp;Offer Securities in&nbsp;the&nbsp;United States. <\/em><br \/>\n<em>This announcement does not contain or constitute an offer of, or the&nbsp;solicitation of&nbsp;an offer to buy or subscribe for, Offer Securities to any person in&nbsp;the&nbsp;United States (including its&nbsp;territories and&nbsp;possessions, any State of&nbsp;the&nbsp;United States and&nbsp;the&nbsp;District of&nbsp;Columbia), Australia, Canada or Japan or in&nbsp;any jurisdiction to whom or in&nbsp;which such offer or solicitation is unlawful. The&nbsp;offer and&nbsp;sale of&nbsp;Offer Securities referred to herein has not been and&nbsp;will not be registered under the&nbsp;Securities Act or under the&nbsp;applicable securities laws of&nbsp;Australia, Canada or Japan. Subject to certain exceptions, the&nbsp;Offer Securities referred to herein may not be offered or sold in&nbsp;Australia, Canada or Japan or to, or for the&nbsp;account or benefit of, any national, resident or citizen of&nbsp;Australia, Canada or Japan. There will be no public offer of&nbsp;the&nbsp;Offer Securities in&nbsp;the&nbsp;United States, Australia, Canada or Japan.<\/em><br \/>\n<em>This announcement is, and&nbsp;the&nbsp;Offering when made will be, only addressed to and&nbsp;directed at persons in&nbsp;member states of&nbsp;the&nbsp;European Economic Area (\u201cEEA\u201d) who are qualified investors within the&nbsp;meaning of&nbsp;Article 2(1)(e) of&nbsp;the&nbsp;Prospectus Directive (Directive 2003\/71\/EC as amended, including by Directive 2010\/73\/EC) (\u201cQualified Investors\u201d). In&nbsp;addition, in&nbsp;the&nbsp;United Kingdom, this announcement is addressed to and&nbsp;directed only at, Qualified Investors who (i) are persons who have professional experience in&nbsp;matters relating to investments falling within Article 19(5) of&nbsp;the&nbsp;Financial Services and&nbsp;Markets Act 2000 (Financial Promotion) Order 2005, as amended (the&nbsp;\u201cOrder\u201d), (ii) are persons who are high net worth entities falling within Article 49(2)(a) to (d) of&nbsp;the&nbsp;Order, or (iii) are other persons to whom this announcement may otherwise lawfully be communicated (all such persons together being referred to as \u201crelevant persons\u201d).<\/em><br \/>\n<em>This announcement must not be acted on or relied on (i) in&nbsp;the&nbsp;United Kingdom, by persons who are not relevant persons, and&nbsp;(ii) in&nbsp;any member state of&nbsp;the&nbsp;EEA other than the&nbsp;United Kingdom, by persons who are not Qualified Investors. Any investment or investment activity to which this announcement relates is available only to relevant persons in&nbsp;the&nbsp;United Kingdom and&nbsp;Qualified Investors in&nbsp;any member state of&nbsp;the&nbsp;EEA other than the&nbsp;United Kingdom, and&nbsp;will be engaged in&nbsp;only with such persons. Any offer of&nbsp;Offer Securities will be made exclusively on the&nbsp;basis of&nbsp;a\u00a0duly approved and&nbsp;published prospectus or in&nbsp;accordance with one or more exemptions from the&nbsp;obligation to publish a\u00a0prospectus. Investors should not purchase any Offer Securities referred to herein except solely on the&nbsp;basis of&nbsp;information in&nbsp;the&nbsp;prospectus intended to be published by the&nbsp;Company in&nbsp;due course in&nbsp;connection with the&nbsp;proposed Offering. The&nbsp;information in&nbsp;this announcement is for background purposes only and&nbsp;does not purport to be full or complete. No reliance may be placed for any purpose on the&nbsp;information contained in&nbsp;this announcement or its&nbsp;accuracy or completeness. The&nbsp;information in&nbsp;this announcement is subject to change. The&nbsp;Offering timetable, including the&nbsp;publication of&nbsp;the&nbsp;prospectus and&nbsp;the&nbsp;date of&nbsp;Admission may be influenced by factors such as market conditions. There is no guarantee that the&nbsp;Offering and&nbsp;Admission will occur and&nbsp;you should not base your financial decisions on the&nbsp;Company\u2019s intentions in&nbsp;relation to the&nbsp;Offer and&nbsp;Admission at this stage. <\/em><br \/>\n<em>Each of&nbsp;Citigroup Global Markets Limited (\u201cCiti\u201d) and&nbsp;J.P. Morgan Securities plc (\u201cJ.P. Morgan\u201d) is authorised by the&nbsp;United Kingdom Prudential Regulation Authority (the&nbsp;\u201cPRA\u201d) and&nbsp;regulated by the&nbsp;PRA and&nbsp;the&nbsp;FCA. Soci\u00e9t\u00e9 G\u00e9n\u00e9rale is a\u00a0French credit institution (bank) authorised and&nbsp;supervised by the&nbsp;European Central Bank (ECB), Autorit\u00e9 de Contr\u00f4le Prudentiel et de R\u00e9solution (the&nbsp;French Prudential Control and&nbsp;Resolution Authority) and&nbsp;the&nbsp;PRA, regulated by the&nbsp;Autorit\u00e9 des march\u00e9s financiers (AMF) and&nbsp;subject to limited regulation by the&nbsp;FCA and&nbsp;the&nbsp;PRA. UniCredit Bank AG, London Branch (\u201cUCB\u201d and, together with Citi, J.P. Morgan and&nbsp;Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, the&nbsp;\u201cJoint Global Coordinators and&nbsp;Joint Bookrunners\u201d) is authorised by the&nbsp;Bundesanstalt f\u00fcr Finanzdienstleistungsaufsicht (BaFin) and&nbsp;subject to limited regulation by the&nbsp;FCA and&nbsp;the&nbsp;PRA. WOOD &amp; Company Financial Services, a.s. is authorised and&nbsp;regulated by the&nbsp;Czech National Bank and&nbsp;subject to limited regulation by the&nbsp;FCA and&nbsp;the&nbsp;PRA (the&nbsp;\u201cJoint Lead Manager and&nbsp;Domestic Offering Coordinator\u201d). UniCredit Bank Czech Republic and&nbsp;Slovakia, a.s. (the&nbsp;\u201cEmployee Offer Manager\u201d and, together with the&nbsp;Joint Global Coordinators and&nbsp;Joint Bookrunners and&nbsp;the&nbsp;Joint Lead Manager and&nbsp;Domestic Coordinator, the&nbsp;\u201cBanks\u201d) is regulated by the&nbsp;Czech National Bank. <\/em><br \/>\n<em>Each of&nbsp;the&nbsp;Banks is acting exclusively for the&nbsp;Selling Shareholder and&nbsp;the&nbsp;Company and&nbsp;no one else in&nbsp;connection with the&nbsp;Offering and&nbsp;will not regard any other person (whether or not a\u00a0recipient of&nbsp;the&nbsp;prospectus, once published) as a\u00a0client in&nbsp;relation to the&nbsp;Offering and&nbsp;will not be responsible to any other person for providing the&nbsp;protections afforded to their respective clients or for providing advice in&nbsp;relation to the&nbsp;Offering, the&nbsp;contents of&nbsp;this announcement or any transaction, arrangement or other matter referred to herein. <\/em><br \/>\n<em>Apart from the&nbsp;responsibilities and&nbsp;liabilities, if any, which may be imposed on any of&nbsp;the&nbsp;Banks by applicable regulatory regimes, none of&nbsp;the&nbsp;Banks accepts any responsibility whatsoever for the&nbsp;contents of&nbsp;this announcement or for any other statement made or purported to be made by it or any of&nbsp;them or on its&nbsp;or their behalf in&nbsp;connection with the&nbsp;Company or the&nbsp;Offer Securities. Each of&nbsp;the&nbsp;Banks and&nbsp;their respective affiliates accordingly disclaims, to the&nbsp;fullest extent permitted by applicable law, all and&nbsp;any liability whether arising in&nbsp;tort or contract or otherwise (save as referred to above) which it might otherwise have in&nbsp;respect of&nbsp;this announcement or any such statement.<\/em><br \/>\n<em>In connection with the&nbsp;Offering, the&nbsp;Banks and&nbsp;any of&nbsp;their respective affiliates acting as an investor for its&nbsp;or their own account(s) may subscribe for or purchase the&nbsp;Offer Securities and, in&nbsp;that capacity, may retain, subscribe for, purchase, sell, offer to sell or otherwise deal for its&nbsp;or their own account(s) in&nbsp;such securities, any other securities of&nbsp;the&nbsp;Company or other related investments and&nbsp;may offer or sell such Offer Securities or other investments in&nbsp;connection with the&nbsp;Offering or otherwise. Accordingly, references in&nbsp;the&nbsp;prospectus, once published, to the&nbsp;Offer Securities being issued, offered, subscribed, sold, purchased or otherwise dealt with should be read as including any issue or offer to, or subscription, purchase or dealing by, the&nbsp;Banks or any of&nbsp;their respective affiliates acting as an investor for its&nbsp;or their own account(s). The&nbsp;Banks do not intend to disclose the&nbsp;extent of&nbsp;any such investment or transactions otherwise than in&nbsp;accordance with any legal or regulatory obligation to do so. In&nbsp;addition certain of&nbsp;the&nbsp;Banks or their affiliates may enter into financing arrangements (including swaps) with investors in&nbsp;connection with which such Banks (or their affiliates) may from time to time acquire, hold or dispose of&nbsp;the&nbsp;Offer Securities.<\/em><br \/>\n<em>None of&nbsp;the&nbsp;Banks or any of&nbsp;their respective affiliates, directors, officers, limited or unlimited partners, employees, advisers or agents accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the&nbsp;truth, accuracy or completeness of&nbsp;the&nbsp;information in&nbsp;this announcement (or whether any information has been omitted from the&nbsp;announcement) or any other information relating to the&nbsp;Company, its&nbsp;subsidiaries or associated companies, whether written, oral or in&nbsp;a\u00a0visual or electronic form, and&nbsp;howsoever transmitted or made available or for any loss howsoever arising from any use of&nbsp;this announcement or its&nbsp;contents or otherwise arising in&nbsp;connection therewith.<\/em><br \/>\n<em>In connection with the&nbsp;Offering, one or more of&nbsp;the&nbsp;Banks shall be appointed to act as stabilising manager (the&nbsp;\u201cStabilising Manager\u201d), and&nbsp;it or persons acting on its&nbsp;behalf, may (but will be under no obligation to), to the&nbsp;extent permitted by applicable law, over-allot the&nbsp;Offer Securities or effect other stabilisation transactions with a\u00a0view to supporting the&nbsp;market price of&nbsp;the&nbsp;Offer Securities at a\u00a0level higher than that which might otherwise prevail in&nbsp;the&nbsp;open market for a\u00a0limited period after the&nbsp;issue date. However, the&nbsp;Stabilising Manager is not required to enter into such transactions. Such stabilising, if commenced, may be discontinued at any time without prior notice, and&nbsp;may only be undertaken during a\u00a0period of&nbsp;30 days after the&nbsp;announcement of&nbsp;the&nbsp;offer price of&nbsp;the&nbsp;Offer Securities. Save as required by law or regulation, neither the&nbsp;Stabilising Manager nor any of&nbsp;its&nbsp;agents intends to disclose the&nbsp;extent of&nbsp;any over-allotments made and\/or stabilisation transactions conducted in&nbsp;relation to the&nbsp;Offering.<\/em><br \/>\n<em>Certain figures contained in&nbsp;this announcement, including financial information, have been subject to rounding adjustments. Accordingly, in&nbsp;certain instances, the&nbsp;sum or percentage change of&nbsp;the&nbsp;numbers contained in&nbsp;this announcement may not conform exactly with the&nbsp;total figure given.<\/em><br \/>\n<em>Forward-Looking Statements<\/em><br \/>\n<em>This announcement may include statements that are, or may be deemed to be, \u201cforward-looking statements\u201d. These forward-looking statements may be identified by the&nbsp;use of&nbsp;forward-looking terminology, including the&nbsp;terms \u201cbelieves\u201d, \u201cestimates\u201d, \u201cplans\u201d, \u201cprojects\u201d, \u201canticipates\u201d, \u201cexpects\u201d, \u201cintends\u201d, \u201cmay\u201d, \u201cwill\u201d or \u201cshould\u201d or, in&nbsp;each case, their negative or other variations or comparable terminology, or by discussions of&nbsp;strategy, plans, objectives, goals, future events or intentions. These forward looking statements include all matters that are not historical facts and&nbsp;involve predictions. Forward-looking statements may and&nbsp;often do differ materially from actual results. Any forward-looking statements reflect the&nbsp;Group\u2019s current view with respect to future events and&nbsp;are subject to risks relating to future events and&nbsp;other risks, uncertainties and&nbsp;assumptions relating to the&nbsp;Group\u2019s\u00a0business, results of&nbsp;operations, financial position, liquidity, prospects, growth or strategies and&nbsp;the&nbsp;industry in&nbsp;which it operates. Forward-looking statements speak only as of&nbsp;the&nbsp;date they are made and&nbsp;cannot be relied upon as a\u00a0guide to future performance. Save as required by law or regulation, the&nbsp;Company disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements in&nbsp;this announcement that may occur due to any change in&nbsp;its&nbsp;expectations or to reflect events or circumstances after the&nbsp;date of&nbsp;this announcement.<\/em><br \/>\n<em>Each of&nbsp;the&nbsp;Banks and&nbsp;their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in&nbsp;the&nbsp;announcement whether as a\u00a0result of&nbsp;new information, future developments or otherwise.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN&nbsp;OR INTO THE&nbsp;UNITED STATES, AUSTRALIA, CANADA, OR JAPAN OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT This announcement is an advertisement for the&nbsp;purposes of&nbsp;the&nbsp;UK Prospectus Rules of&nbsp;the&nbsp;Financial Conduct Authority (the&nbsp;\u201cFCA\u201d) and&nbsp;Section 36k of&nbsp;the&nbsp;Czech Capital Markets Act and&nbsp;not a\u00a0prospectus and&nbsp;not an offer of&nbsp;securities [&hellip;]<\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"tax-year":[17],"acf":[],"wpml_current_locale":"en_US","wpml_translations":[{"locale":"cs_CZ","id":12419,"post_title":"EPH oznamuje z\u00e1m\u011br prov\u00e9st prvotn\u00ed ve\u0159ejnou nab\u00eddku kmenov\u00fdch akci\u00ed a GDC spole\u010dnosti EPIF","href":"https:\/\/eph23.atelierzidlicky.eu\/eph-announces-intention-launch-initial-public-offering-ordinary-shares-gdrs-epif\/"}],"_links":{"self":[{"href":"https:\/\/eph23.atelierzidlicky.eu\/en\/wp-json\/wp\/v2\/press-releases\/12418"}],"collection":[{"href":"https:\/\/eph23.atelierzidlicky.eu\/en\/wp-json\/wp\/v2\/press-releases"}],"about":[{"href":"https:\/\/eph23.atelierzidlicky.eu\/en\/wp-json\/wp\/v2\/types\/press-releases"}],"wp:attachment":[{"href":"https:\/\/eph23.atelierzidlicky.eu\/en\/wp-json\/wp\/v2\/media?parent=12418"}],"wp:term":[{"taxonomy":"tax-year","embeddable":true,"href":"https:\/\/eph23.atelierzidlicky.eu\/en\/wp-json\/wp\/v2\/tax-year?post=12418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}