Spin to merge with Telmax this October: agreement reached and papers signed

Spin, the leader on the electronic billing systems market, which ranks TP SA among its costumers, and Telmax, which produces and implements IT systems for the utilities sector, have signed an agreement concerning the merging of the companies. The decision will see Spin’s assets subsumed by Telmax at the end of October. In turn, Spin shareholders will receive 4.3 million shares, which Telmax will issue in the Q3 2004. After the issue, the new shareholders will hold 80% of stocks and the company's market value will rise to zł.300 million, making it a medium-sized IT company. (Parkiet, p. 4) A.F.