MCI Management names WP as target in zł.30 million bond issue

Venture capitalist MCI Management plans to float zł.30 million worth of 5-year convertible bonds on the domestic market. "Publicly traded securities are much better perceived by investors," explained Tomasz Czuczos, financial director of MCI Management. The company's president Tomasz Czechowicz is hoping that his firm would not have to buy the bonds back in 2009, as their holders will decide to convert the securities into stocks. The enterprise is planning to double the value of its shares over 2004-2006. However, some commentators are not so convinced by the move. "I feel that the company is too sure about the success of some of its projects and thus the valuation of its stock," said one market analyst. MCI will spend the proceedings on new projects such as taking control of Internet portal WP. The firm will spend EUR 30 million on investments - including some foreign markets - until the end of 2006. (Parkiet, p. 4) M.M.