No decision means TDC unable to sell Polkomtel shares

"It cannot be predicted when the court will issue a decision. Legal steps taken by Vodafone are complicating the process, which does not lie in the interest of any of the shareholders of Polkomtel," said Henning Vest, president of TDC Mobile International. In February, the Local Court in Warsaw imposed a pledge on the shares of Polkomtel owned by TDC at the request of Vodafone. The Danish company cannot sell the shares despite the Polish shareholders in the mobile phone operator, PKN Orlen, KGHM, The National Grid being ready to buy them. The British company used a statute of the company according to which the share price should be assessed by chartered accountants. "We made the assessment based on the negotiations with both different, independent parties, as well as on the basis of independent valuations. According to TDC and Polish shareholders, it was in line with the agreement of the shareholders and company's statute," said Vest. However Vodafone stressed that it was TDC that violated the statute rather than the Polish shareholders. TDC and Vodafone will meet in front of the Vienna Tribunal soon. (Parkiet, p. 1) M.M.