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Global City Holdings seeks to buy 20.77 mln own shares at PLN 47.70

TAG'S: Global City Holdings NV, Developers (Real Estate)

 

Listed cinema chain operator Global City Holdings wants to buy 20.77 mln own shares at PLN 47.7 per share, the price already approved by a coalition of pension funds holding 26.6% of the firm, offer manager Ipopema Securities said in a statement.

The shares tendered for represent 42.5% of effective votes and 40.6% of general number of votes. Global City Holdings currently holds 2.37 mln own shares.

 

 

 

A coalition of pension funds agreed to sell all their shares or 13.63 mln at the price offered, Ipopema said. The coalition includes Nordea DFE, OFE Zlota Jesien, Aviva OFE, ING OFE and ING DFE.

 

 

 

Subscriptions will run between June 29 and July 22.

 

 

 

The bid follows GCH declared intention to buy stakes from minority shareholders and delist.

 

 

 

Initially, GCH recommended the buyback to be conducted at PLN 40 per share. The proposal met with objection of minority shareholders, particularly pension funds, which considered the price offered as below fair.

 

 

 

Funds' demands for a higher price were supported by the WSE, which granted GCH only conditional approval for delisting, and demanded that any delisting be passed by 4/5 majority of votes at shareholder meeting, which gave funds blocking minority.

2015-06-10



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