ITI Holdings insiders reveal potentially damaging details on statute

The statute of ITI Holdings gives the company's management the right to issue up to 1.5 billion new shares without the need of the shareholders' agreement or to grant them preferential rights, which may discourage investors from subscribing for its shares later this month revealed anonymous insiders quoted by "Gazeta Wyborcza". "This regulation is a risk, as it makes diluting stakes possible," said one foreign investment fund representative. Demand for the shares may also be affected by the complicated ownership structure of the holding, due to which several of its assets are controlled by the founders, rather than by the shareholders. Nevertheless, according to a BRE Bank report to be released shortly, shares of the holding are worth up to zl. 14.7 each, and the company as a whole between $580 million to $653 million. The subscription starts on June 19. (Gazeta Wyborcza, pp. 24, 25) M.K.