IT service provider SM Media fails in finding agreement to planned share issue

Telecommunication and Internet services provider SM Media, has failed to come to an agreement with its potential sector investor, which was to acquire the company's planned issue of 36,000 shares. Wojciech Gawęda, SM Media President said, The agreement with the potential investor envisaged an acquisition of 70% of SM Media, in order to later publicly call for the purchase of the remaining shares. Gawęda suggested that the company's value be estimated at zł. 50 million, meaning zł. 1,000 per share, however those demands turned out to be too high for the investor. "Our current plan is to introduce new SM Media shares on the CeTO over-the-counter market," said Peter Manzelov, currently a member of the supervisory board at SM Media. (Puls Binznesu, p. 9) A.K.