PMPG SA obtains shareholder consent to fund Rzeczpospolita purchase transaction
500 convertible bonds with par value of 200,000 PLN each and 50 million of new shares will be issued by Platforma Mediowa Point Group SA (WSE: POINTGROUP (PGM)). The bonds will be convertible to the junior stocks of PMPG SA - it was decided on Monday by the Extraordinary General Shareholders' Meeting of Platforma Mediowa Point Group SA. Estimated receipts under resolutions passed on Monday shall amount to at least 200 million PLN.
The issue of shares and bonds is addressed to qualified investors, that is financial institutions, TFI (fund managers), OFE (open pension funds), private equity funds and banks. Such conduct of the transaction has been selected after consultations with equity market institutions. It will enable the company to acquire funds easily, without the need to undergo a time-consuming procedure of approving the issue prospectus.
"This manner of concluding the transaction warrants increase in the value of the company, which should be well received by the market" - says Michał M. Lisiecki, President of the Management Board and the principal shareholder of PMPG SA. He emphasizes that financing of the transaction by the company will also favourably affect individual investors' business interest who may only acquire shares issued at present.
According to readership survey conducted by Millward Brown SMG/KRC, "Rzeczpospolita" has the opinion of a top daily among the senior staff. "The potential presented by ‘Rzeczpospolita' on the Polish market is comparable with the potential of ‘Financial Times' on the European market or ‘Wall Street Journal' in the United States" - claims Lisiecki.
