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New World Resources IPO – Announcement of Price Range

New World Resources IPO – Announcement of Price Range

23.04.2008 9:10

The following report is the full NWR press release:

New World Resources N.V. („New World Resources“, „NWR“ or the „Company), a leading producer of hard coal in the Czech Republic and Central Europe, today announces the indicative price range („the Offer Price Range“) for the offering of existing and new ordinary A Shares.

X The Offer Price Range for the Initial Public Offering (IPO) of ordinary A Shares in New World Resources has been set at GBP 10.75 to GBP 3.25 per ordinary A Share;

X NWR’s A Shares are expected to be listed on the main markets of the London Stock
Exchange, the Prague Stock Exchange and the Warsaw Stock Exchange;

X Base offering of up to 83,013,344 ordinary A Shares, of which up to 69,513,344 shares to be sold by NWR’s controlling shareholder RPG Industries SE, and up to 13,500,000 new shares to be issued by NWR („Offering“);

X The Offering represents in total up to 31.5% of NWR’s issued share capital, excluding shares subject to the Over-Allotment Option which may amount to up to an additional 15% of offered A Shares;

X Total (52 EUR, 0,00%) base offering size (primary component and secondary shares pre Over-Allotment Option) of GBP892 million - GBP1.1 billion (approximately EUR1.2 - EUR1.4 billion), resulting in a market capitalisation of GBP2.8 - GBP3.5 billion (approximately EUR3.5 - EUR4.4 billion) on the basis of the Offer Price range;

X Prospectus published and investor roadshow commences today;

X Institutional bookbuilding to commence today and close on or before 7 May 2008; Retail subscription in the Czech Republic to commence on 24 April 2008 and close on or before 6 May 2008; Retail subscription in Poland to commence on 29 April and close on or before 6 May 2008;

X Pricing and allocations expected to be announced on or before 7 May 2008 with first dealings on the London Stock Exchange expected to commence on 8 May; First dealings on the Prague Stock Exchange expected to commence on 9 May and first dealings on the Warsaw Stock Exchange expected to commence on 14 May.

Commenting on today’s announcement, Mike Salamon, Executive Chairman of New World
Resources, said:

„As an EU business domiciled in a market with strong growth characteristics, we have exciting expansion projects and opportunities to maximise the potential of our existing operations. We now look forward to meeting prospective investors and sharing with them our plans to further grow and develop the group.“

Zdeněk Bakala, Vice-Chairman of New World Resources, said:

„This global offering marks an exciting stage in New World Resources’ development. We have an efficiently run, focussed coal and coking business with a high quality reserve base. The company is uniquely positioned to benefit from burgeoning demand in Central Europe driven by sustained growth in the steel industry. Proceeds from the offer will assist us in achieving our goals of enhancing reserves and exploiting additional
growth opportunities across the region.“
The Global Offering (the „Offering“)

With an implied value of GBP892 million - GBP1.1 billion at the Offer Price Range, the IPO is expected to be the largest in London in 2008 to date, as well as the largest IPO ever in Prague and one of the largest in Warsaw. The Offering comprises an international institutional offering in the United Kingdom, the Czech Republic, Poland and elsewhere outside the US in reliance on Regulation S, in the US under Rule 144A, as well as a public offering to retail investors in the Czech Republic and Poland. The Offering will first be made available to eligible New World Resources employees in both the Czech Republic and Poland through a separate employee offer. Thereafter, up to 5% of the Offering may be made available for purchase by certain Directors of NWR, suppliers, business contractors, business counterparties and friends of NWR and the Selling Shareholders under a directed share programme.

The Offering will comprise both existing and new A Shares. Prior to the Offering the Company established two divisions which act as separate accounting and reporting units, consisting of (i) the mining division that is attributable to the A Shares to be listed; and (ii) the real estate division that is attributable to the B Shares, which will not be listed and which will be held solely by RPG Industries SE. New World Resources current direct and indirect shareholders („Selling Shareholders“) will sell a part of their respective shareholdings, representing up to 26.4% of the Company’s issued share capital. In addition the Selling Shareholders have granted the Joint Global Coordinators an option to purchase 12,452,001 shares to cover any over-allotments made. Following the Offering, the Selling Shareholders will continue to retain a majority shareholding.

The Offering of new A Shares will enable the Company to fund additional growth opportunities (including by way of further exploration, joint ventures or strategic acquisitions of new and mothballed mines) and its capital investment programme.

All A Shares sold in the Offering rank pari passu with all outstanding shares and as such will be eligible for all future dividends that may be declared and paid by the company. New World Resources intends to pay dividends of approximately 50% of the Mining Division’s consolidated net income over the course of the business cycle.

The institutional bookbuilding subscription period will commence today 23 April 2008 and is expected to close on or before 7 May 2008. Retail subscription in the Czech Republic to commence on 24 April 2008 and close on or before 6 May 2008; Retail subscription in Poland to commence on 29 April and close on 6 May 2008. Pricing and allocations are expected to be announced on or around 7 May 2008. Trading in A Shares is expected to commence on the main markets of the London Stock Exchange on 8 May under the symbol „NWR“, the Prague Stock Exchange on 9 May and the Warsaw Stock Exchange on 14 May.

Morgan Stanley (47 USD, -0,02%), Goldman Sachs (180 USD, -0,35%) International and JPMorgan (46 USD, 0,93%) Cazenove are Joint Sponsors, Joint Global Coordinators and Joint Bookrunners for the Global Offering. Citigroup (25 USD, 0,36%) Global Markets Limited is Joint Lead Manager. Barclays (461 GBp, -3,66%) Capital, Erste Bank (1 069 CZK, -1,57%), Patria Finance and Wood & Company are Co-Lead Managers. Česka spo.itelna and Patria Finance are Lead Managers and Retail Coordinators in the Czech Republic. Wood & Company is also acting as a Lead Manager in the Czech Republic. UniCredit Markets & Investment Banking (UniCredit CAIB UK Ltd and UniCredit CAIB Poland SA) is also a Co-Lead Manager as well as Lead Manager in Poland.


Electronic copies of the prospectus are available, among others, on the website of New World Resources (www.newworldresources.eu), for investors in the Czech Republic at www.brokerjet.cz, www.csas.cz, www.csob.cz, www.patria.cz, www.patria-direct.cz and www.wood.cz and for investors in Poland at www.caib. pl. Hard copies of the prospectus are available from the offices of New World Resources (Fred. Roeskestraat 123-3, 1076 EE, Amsterdam, the Netherlands), Morgan Stanley & Co. International plc (25 Cabot Square Canary Wharf, London E14 4QA, United Kingdom), Goldman Sachs International (Peterborough Court, 133 Fleet Street, London EC4A 2BB, United Kingdom), JP Morgan Cazenove Limited (20 Moorgate, London EC2R 6DA, United Kingdom) and the offices of the other Managers, the Principal Paying Agent and the Czech Selling Agents, all free of charge.


Some of the information in this announcement may contain projections or other forward-looking statements regarding future events or the future financial performance of the Company. You can identify forward-looking statements by terms such as ‘expect’, ‘believe’, ‘anticipate’, ‘estimate’, ‘intend’, ‘will’, ‘could’, ‘may’ or ‘might’ or other similar expressions. The Company wishes to caution you that these statements are only predictions and that actual events or results may differ materially. The Company does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of the Company, including risks specifically related to the Company and its operations.

Neither this announcement nor any copy of it may be taken or transmitted in or into the United States, South Africa, Australia, Canada or Japan. This announcement does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, any contract therefore the Offering and the distribution of this announcement and other information in connection with the listing and Offering in certain jurisdictions may be restricted by law and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This communication is directed only at persons in member states of the European Economic Area who are qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive (2003/7/EC) (“Qualified Investors”). This communication is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together with Qualified Investors being referred to as “relevant persons”). The A Shares are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such A Shares will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this communication or any of its contents.

This announcement is not an offer for sale of securities of the Company in the United States. Securities of the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933. The Company has not registered and does not intend to register any portion of the Offer in the United States or to conduct a public offering of any securities in the United States.
Copies of this announcement are not being, and should not be, distributed or sent into the United States.

This announcement does not comprise a prospectus and does not contain or constitute or form part of any offer or invitation, or any solicitation of an offer, for securities and should not be relied on in connection with any contract or commitment whatsoever. A prospectus prepared pursuant to the Prospectus Directive is intended to be published, which will, when published, be available from the Company’s registered office.
Investors should not subscribe for any A Shares in the Company referred to in this announcement except on the basis of the information in such prospectus.

This document is exclusively of promotional character. No reliance may be placed for any purpose whatsoever on the information contained in this announcement, any verbal discussion thereof, and such information may not be complete or accurate.

If the Company carries out its intention to conduct a global offering and listings as set forth in this announcement, then any offering in the Czech Republic or listing on the Prague Stock Exchange will be made subject to and in accordance with applicable Czech law pursuant to a prospectus approved and published in accordance with applicable Czech law.

If the Company carries out its intention to conduct a global offering and listings as set forth in this announcement, then any offering in Poland or listing on the Warsaw Stock Exchange will be made subject to and in accordance with applicable Polish law pursuant to a prospectus approved and published in accordance with applicable Polish law.

Morgan Stanley, Goldman Sachs International JPMorgan Cazenove Limited and the other Managers are acting for the Company and no one else in connection with the Offering, and will not be responsible to anyone other than the Company for providing the protections afforded to their clients nor for providing advice in connection with the Offering.

In connection with the Offering, Goldman Sachs International (the “Stabilising Manager”) or any person acting on behalf of the Stabilising Manager, may over-allot and effect transactions with a view to supporting the market price of the A Shares at a level higher than that which might otherwise prevail. However, there is no assurance that the Stabilising Manager (or persons acting on behalf of the Stabilising Manager) will undertake stabilisation action. Any stabilisation action, if begun, may be ended at any time, but it must end no later than on the 30th day after the announcement of the offer price.

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