Szeptel's enigmatic stance draws investors' ire
Last Monday the company released a statement saying that it would neither confirm nor deny, "the market rumors that have reached both the company's management and the media suggesting plans to merge Szeptel with the telecommunications company Dialog." The statement goes on to say that Szeptel could 'perhaps' be seen as a suitable vehicle for market consolidation.
"Szeptel is a tiny company whose fortunes have not gone to plan, to say the least," says Radosław Solan, an analyst at BDM PKO BP brokerage, "Under the circumstances, if you do not want to look ridiculous, it is best to stay quiet." He adds that the firm's image has suffered as the result of recent allegations of manipulation of its stock price and the only way to help the situation would be to make clear the principles of its policy.
That is not, however, the course the Szeptel board has taken. And the board's reaction has drawn a significant amount of criticism.
Last year Szeptel made a net loss of zł.9 million on revenues of just zł.18 million. The company says that the rumors, "are a sign of appreciation of the success of the company's debt restructuring efforts," but that is no indication as to how Szeptel hopes to finance the acquisition of a firm with a client base about five times its own.
"They must be joking," says an investment officer at a major fund active on the stock market, "It just doesn't look like they are taking investors seriously." PKO BP's Solan says the market, "likes transparency and will punish any company found deficient on that score."
Szeptel's spokesperson was unavailable for comment last Friday.
Telefonia Dialog, Poland's second-largest independent fixed-line operator, is being put on sale by KGHM, a listed copper mining giant, which currently owns 100 percent of its stock. Andrzej Szczepek, KGHM vice-president, says the company has received bids at prices that, "are not insulting", and that the number of bidders is close to the 16 firms that had expressed initial interest.
Netia, the country's largest independent operator, is considered the firm favorite to win the deal, which would create a national player with more than 830,000 subscribers, most of them in the corporate sector. While still a long way behind the dominant TP SA with more than 11 million customers, the new player could emerge as a serious contender, at least on some niche markets.
"Szeptel is a tiny company whose fortunes have not gone to plan, to say the least," says Radosław Solan, an analyst at BDM PKO BP brokerage, "Under the circumstances, if you do not want to look ridiculous, it is best to stay quiet." He adds that the firm's image has suffered as the result of recent allegations of manipulation of its stock price and the only way to help the situation would be to make clear the principles of its policy.
That is not, however, the course the Szeptel board has taken. And the board's reaction has drawn a significant amount of criticism.
Last year Szeptel made a net loss of zł.9 million on revenues of just zł.18 million. The company says that the rumors, "are a sign of appreciation of the success of the company's debt restructuring efforts," but that is no indication as to how Szeptel hopes to finance the acquisition of a firm with a client base about five times its own.
"They must be joking," says an investment officer at a major fund active on the stock market, "It just doesn't look like they are taking investors seriously." PKO BP's Solan says the market, "likes transparency and will punish any company found deficient on that score."
Szeptel's spokesperson was unavailable for comment last Friday.
Telefonia Dialog, Poland's second-largest independent fixed-line operator, is being put on sale by KGHM, a listed copper mining giant, which currently owns 100 percent of its stock. Andrzej Szczepek, KGHM vice-president, says the company has received bids at prices that, "are not insulting", and that the number of bidders is close to the 16 firms that had expressed initial interest.
Netia, the country's largest independent operator, is considered the firm favorite to win the deal, which would create a national player with more than 830,000 subscribers, most of them in the corporate sector. While still a long way behind the dominant TP SA with more than 11 million customers, the new player could emerge as a serious contender, at least on some niche markets.
