Lotos sets share price higher after Nafta delays issue

The price rests a little above previous market expectations, i.e. zł.27, due to the decision of Nafta Polska, a Lotos shareholder, to withhold the sale of its equities until November 31. Nafta Polska president, Adam Sęk, argues the move boosts the price and allows for time to find a branch or financial investor who would be willing to pay more. Nafta Polska's decision means only shares from the new issue will be introduced to the bourse. It also carries along a reduction of the expected supply of shares from 20 million to 16.5 million for institutional investors and 15 million to 9.7 million for foreign investors. The offer for small players has not been changed and accounts for 8.8 million shares. (Puls Biznesu pp.1,10; Parkiet p.1) M.G.