Telmax and Spin in a whirl about share issue to consolidate merger plans

The new entity has ambitious plans of further consolidation of the market. Money for this will be gained from a shares issue worth about zł.100 million which is planned for the fourth quarter of the year. At the turn of October and November Telmax will issue 4.3 million shares, which will be transferred to Spin's owners in return for the company's assets. After the merger the hitherto Spin shareholders, which include Prokom, will control about 80% of shares of the new entity. The remaining 20% will be owned by Telmax. The complete new entity will then go under the name of Spin. The debut is planned for the beginning of December. It is still not known who will be the head of the new company. (Parkiet, p. 5) A.F..