LPP lead shareholders to transfer stakes to private foundations

WSE-listed fashion retailer LPP lead shareholders Marek Piechocki and Jerzy Lubaniec transferred their stakes to two private foundations, LPP reported in a market filing. The transfer was done to “secure continuity of the company’s operations and generational succession.” The foundations, Semper Simul and Sky will now control 31.5 and 28.65 percent stakes respectively. The transfer included the shares owned by Piechocki, Lubaniec as well as shares from two funds managed by TFI Forum. Mid-June Piechocki said that he plans to undertake such operation to ensure that the company will stay under control of his family and neither he or Lubaniec have any plans to sell their shares.