TPI resigns from decision to increse WP's capital

Following a motion filed by TP Internet (TPI), a subsidiary of TPSA, a general shareholders meeting of Wirtualna Polska (WP), will take place on December 19. TPI, the largest shareholder in WP, with a 55% stake, wants to annul a decision made in August to increase the company's capital by zł. 48 million. The reason for this is the continuing conflict with minority shareholders. "Because minority shareholders are blocking the decision from entering force, we have no other choice," said TPI president Yann Gontard. The minority shareholders, headed by Maciej Grabski (who hold a 14% stake), have begun legal proceedings against this decision in court, arguing that TPI's main target is limiting their influence on the company, while the terms on which the capital injection was to take place were not beneficial for the company. TPI and WP president, Marek Borzestowski, in turn argue that it is the minority shareholders who are blocking the portal's further development. (Puls Biznesu, p. 9) A.K.