Lack of guarantors threatens ITI's zl.800 million share issue

The public share offering by ITI Holding, owner of TVN, has been cast in doubt because of problems with finding guarantors for the issue. ITI is expected to get the go-ahead from the Securities and Stock Exchange Commission (KPWiG) for the issue of an estimated zl.800 million worth of shares soon. According to Puls Biznesu, BRE Bank and JP Morgan, the two banks that are handling the share issue, have failed to reach an agreement on acting as guarantors. However, the report is challenged by Pawel Gricuk from JP Morgan, who insists, "The cooperation with BRE Bank is as good as it gets. There is no possible misunderstanding." The KPWiG decision is expected before the end of November, with the share issue planned for Warsaw and London simultaneously. (Puls Biznesu, p. 4) P.J.