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The best private banks in 2008

The best private banks in 2008

An informative guide for high net-worth individuals on the range of service providers that are available

Scandals fraud and losses in the financial markets

Scandals fraud and losses in the financial markets

HSBC is the latest bank to be hit by attempted fraud, which Euromoney was first to report.

Friday, April 11, 2008

Digital TV broadcaster Cyfrowy Polsat to debut on Warsaw bourse on May 6.





Digital TV broadcaster Cyfrowy Polsat to debut on Warsaw bourse on May 6. Shares in the satellite TV platform operator Cyfrowy Polsatmay will debut on the Warsaw Stock Exchange (WSE) on May 6, director for investment banking at UniCredit, Cezary Pyszkowski, said. Cyfrowy Polsat's global offer - directed at foreign institutional investors in, among others, New York and London - could reach EUR 300mn and will thus be the biggest IPO of a private company on the Warsaw bourse . The offer is scheduled to be closed on Apr 30. The company's global offer will include 75mn existing E series shares. The company published on Apr 10 its issue prospectus, which sets price range of PLN 10.8-13.8, which gives a total value of PLN 810-1,035mn (EUR 231-296mn). The company's owners will decide on the exact number of shares offered on Apr 25, after book-building, which has already started. Some of the shares will be offered to investors in Warsaw (both to individuals and institutional), while the rest will be traded on foreign markets. Cyfrowy Polsat will, however, be listed in Warsaw only. The shares will be traded by the company's major shareholders, Polaris Finance, which holds a 93.18% share (93.25% votes on the general meeting). 85% in Polaris is held by Zygmunt Solorz-Zak and 15% - by Hieronim Ruta. Additionally, Solorz-Zak holds 3.95% (4.66% votes) directly in Cyfrowy Polsat. New shareholders may take hold of shares standing for 27.95% in the company's stock capital and 16.45% of voting power. UBS Limited, UniCredit CA IB UK Ltd, UniCredit CA IB Poland and Dom Maklerski Penetrator are managers of the global offer and co-managers of the book-building process. The last two companies will also offer Cyfrowy Polsat's shares. The current shareholders agreed for an 18-month lock-up - during the time the company plans no share issue, either. Cyfrowy Polsat is Poland 's largest digital TV platform, with 2.15mn subscribers as of the end of February this year, which stands for a 70% rise from the end of 2006 (1.27mn subscribers). Its competitors are Cyfra Plus with some 1mn subscribers and the n platform with approximately 300,000. ISB, tom


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