Risk of possibility of no dividend payment
availability of cash and the Company’s financial performance in general in the future, which certainly depends also on
successful implementation of the Companys growth strategy, business competition, rules and legislation, general economic
conditions, demand and supply prices of the products of the Company and its subsidiaries, and other specific factors
related to the coal industry or other projects undertaken by the Company. In addition, the Company and its subsidiaries
have restrictions as set in their loan agreements in terms of distribution or the amount of dividends that can create a new
financing agreement in the future which may provide additional restrictions
on the
ability of
the Company
and its
subsidiaries to distribute dividends and may cause expenses or liabilities that may reduce cash availability for dividend
distribution. Although the Company is the parent company, but its
ability to distribute dividends still depends on the ability of subsidiaries in distributing dividends. Determination of
the amount of dividends, if any, which will be paid to the Company from its subsidiaries depends on the financial
condition, results of operations, cash flow and business prospects in the future.
6. Risk of net asset value of shares offered in the Public Offering is lower than the Offering Price
Currently, the offering price per share of circulated shares issued to the Company’s shareholders is higher than the net
asset value per share. Therefore, the buyers of shares offered will shortly experience a substantial dilution and the current
shareholders of the Company will experience material increase from the net asset value per share of each share they own.