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Directors at Warsaw-listed Global City Holdings want to delist

TAG'S: Global City Holdings NV, Media

The board of directors at Warsaw-listed Global City Holdings said on 7 February that they wanted the group to delist from the Warsaw Stock Exchange , offering shareholders around 40 zlotys each per share.

The offer, which values the company at 2.05 billion zlotys ($557.9 million) or 8 percent below the current market value, is to be discussed at an initial shareholder meeting in Warsaw on March 10 and then go to a vote on March 20 in Rotterdam.

Global City listed in Warsaw in 2006 as Cinema City International. Following a 2014 cash and share deal the group became the largest shareholder in British cinema operator Cineworld, Europe's No.2 cinema chain.

The Warsaw-listed holding company, controlled by the Israeli Greidinger family, which founded Cinema City, also owns almost 40 percent in real-estate developer Ronson Europe.

"It is estimated that a termination of the Company's Warsaw Stock Exchange (WSE) listing will generate a cost saving of approximately 1 million euros per annum," the directors said in a statement.

"As a holding company rather than an operating business with a recognizable name, the majority of the company's value consists of its holdings in public companies such as Cineworld and Ronson. As such the listing on the WSE adds minimal value to the company."

According to the board of directors, Global City's majority shareholder ITIT supports delisting plans.

The company's minority shareholders include Polish pension funds run by Aviva, ING, and Nordea.


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