Atlantis management hopes to profit from new strategy
Building supplies company Atlantis S.A. management has been snapping up
shares in the company prior to the announcement of its new strategy. On
Aug. 9 Atlantis announced it plans to sell off all its present activity
leaving it only with cash which will then be used to takeover a Polish
internet company and then be merged with a huge foreign information
technology (IT) company. After the announcement Atlantis' share value
jumped. Since last Wednesday the company's shares started to rapidly fall
and between Aug. 9-21 over 10% of the shares changed hands. The president
of the management board Pawel Obrebski acquired a few thousand shares of
Atlantis each day before announcing the new strategy. Other members of the
management board also acquired lots of shares before the announcement of
the new Atlantis strategy. Atlantis closed down 10% yesterday at zl. 4.59.
(Parkiet, page 1, 3)
