Pekao awaiting court decision on legal status of privileged shares in PolCard

No decision concerning the changes in the structure of PolCard's shareholders was made at the recent annual general meeting. Pekao S.A. bank is awaiting a court ruling to decide on its number of votes at PolCards' shareholders' meetings. Some shareholders are convinced Pekao is planning to pull out from Polcard. The motion was filed after Pekao procured PolCard-shares in the course of a merger with three other companies, which were PolCard's founders. PolCard says that since Pekao was not one of the founding companies, the shares they hold cannot retain their privileged status, and should be considered regular equities. PolCard estimates Pekao's stake at 29.7%, while the bank puts it 10% higher. If Pekao were to pull out, then the company's founders would have first right of purchase. (Rzeczpospolita, July 1-2, page B5) P.S.