Turkey processing plant Indykpol in a flutter over share buy-back

Shareholders of the Olsztyn-based Indykpol, the country's biggest turkey meat processing plant, agreed on Wednesday to buy back its shares. Management received consent to withdraw up to 300,000 shares from the market. "But we have to meet certain conditions in order to do that," said Indykpol's spokesperson Krystyna Szczepkowska. Shareholders decided that the highest price the company can pay for its shares is 30% lower than their average bourse standing during 30 WSE sessions before the transaction. As Indykpol's shares are currently priced at about zł.90 it will be very difficult for the company to gather funds. According to the spokesperson, the company decided on this buy back to be able to react quickly in emergency situations. "If a desperate shareholder had to sell a block of shares ... we would be able to buy it," said Szczepkowska, adding that this would prevent share price fluctuations. Indykpol's main shareholder is now Rolmex group with 56%, while Bank Zachodni controls about 12% of its stock. (Puls Biznesu, p. 9) D.W.