TPSA to take over Wirtualna Polska, but may face lawsuit

Telekomunikacja Polska (TPSA) intends to take control over portal Wirtualna Polska (WP). The operator proposes to increase WP's capital by issuing shares worth zł. 37-40 million and converting its debts. Shares are planned to be sold at a face value of zł. 4 each; however, TPSA will not have to pay for them. "Several years ago, WP borrowed zł. 24 million from TP Internet. Currently, TPSA has the right to change the loan into new shares," announced a private investor who wished to remain anonymous. Meanwhile, the minority shareholders of the portal are protesting against the operator's plans. If TPSA takes over the entire issue, its share in WP will increase to more than 80%. The minority shareholders have no intention of laying down their arms. "We have a deal with an investment bank. We are willing to take part in WP's capital increase if it helps realize the firm's strategy," announced minority shareholder Maciej Grabski. He added that he intended to sue TPSA for breaching the cooperation agreement. (Puls Biznesu, p. 5) A.Z.