Point Group Rzeczpospolita – PMPG waits for the offer of the Ministry of the Treasury
Management Board of Platforma Mediowa Point Group (WSE: POINTGROUP (PGM)) passed a resolution on establishment of a special purpose vehicle Point Group - Rzeczpospolita sp. z o.o. The task of the company's Management Board will be preparation of the acquisition transaction regarding shares in PW Rzeczpospolita, holder of, among others, 49% of shares in Presspublica, the publisher of "Rzeczpospolita", "Parkiet" and "Życie Warszawy" dailies. Management Board of Point Group - Rzeczpospolita will be composed of persons responsible for offer preparation.
At the same time, PMPG resubmitted the letter to Aleksander Grad, Minister of the Treasury, in which it confirms its willingness to acquire shares in PW Rzeczpospolita.
At the end of 2007, Platforma Mediowa Point Group sent a letter to the Minister of the Treasury in which it declared its willingness to acquire shares in PW Rzeczpospolita. At that time, the company announced that it may finance the potential transaction in consortium with investment funds, which is still relevant.
"Following the audit and conduct of market analyses we are still very much interested in purchasing shares in PW Rzeczpospolita, and thus in Presspublica. We await further steps and actions of the Ministry of the Treasury, at the same time preparing ourselves to submit a complete and attractive offer to the Ministry" - says Michał M. Lisiecki, President of the Management Board of PMPG S.A.
Speculations regarding possible agreement with Axel Springer and repurchase of 51% of shares from Mecom is commented by Lisiecki as follows: "We will approach talks with Axel Springer and any other majority shareholder of Presspublica with the same attitude as the talks we have conducted with Mecom today. As it will be our potential major business partner. Regardless of the course of talks with Axel Springer and Mecom and of their final effects, as at today no offer submitted to the Ministry of the Treasury lessens PMPG's chance for winning."
Fully state-owned Przedsiębiorstwo Wydawnicze Rzeczpospolita (Rzeczpospolita Publishing Undertaking) is the holder of 49% of shares in Presspublica - the publisher of "Rzeczpospolita", "Parkiet" stock exchange newspaper and "Życie Warszawy". 51% of company shares are held by Mecom, a British investment fund (LSE: MEC). At the beginning of the year, Ministry of the Treasury made an announcement that it will conduct privatization via the stock exchange. According to analysts however, the stock exchange is not a good option at the moment and the more probable scenario will involve the sale of shares to the investor. The Ministry is expecting to conduct privatization of PW Rzeczpospolita in 2009. By October 27, DGA advisory company shall complete the appraisal of PW Rzeczpospolita commissioned by the Ministry.
Publishing of the opinion-forming medium is one of the elements of Platforma Mediowa Point Group strategy.
Media contact:
Anna Pawłowska-Pojawa
phone (+48 22) 347 51 17
GSM + 48 508 040 660
fax: (+48 22) 347 50 01
e-mail: pr@point-group.pl
