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CANAL+ informed on its official website about the cancellation of the share sale offer and the related debut on GWP. The decision is dictated by changes in the situation on financial markets.
Canal+, after consultation with the Global Co-ordinators and the Investment Company, decided to withdraw the offer to sell the shares altogether. In the official announcement posted on the website, the reason for the withdrawal is the volatility on the financial markets which negatively affects the execution of the current offer. However, according to unofficial information, the key reason for the cancellation of the offer was to be the lack of interest from institutional investors. All payments made by investors who have subscribed for CANAL+ shares will be refunded within 7 days. The announcement also contains information that CANAL+ will not apply for admission of shares to trading on the regulated market operated by the WSE. It was originally planned that the debut on GWP will take place on 23 November.
,,TVN Media and Liberty Global Ventures jointly decided to cancel the planned IPO of Canal+ Polska. This decision is related to the recent volatility on the financial markets, which has a negative impact on the possibility of conducting the offering. It is the intention of the shareholders to return to the plans to carry out the offering when the situation on the financial markets is more favourable,” commented major investors.
After the market collapse in 2018, the main stock exchange indices are now in a continuous downward trend. In February this year. The Exchange suffered another strong blow in February this year, but since then the Warsaw Stock Exchange has been making up for the losses and is expected to make up for them for several more months. CANAL+’s strategy was to transfer about 10% of shares to individual investors. The final number of shares offered and their price was to be determined on November 10th. However, CANAL+ withdrew from these plans. An example for CANAL+ may be Allegro’s debut on the stock exchange, which turned out to be quite an unexpected success.
Initial public offering of Canal+ Poland covered 49% of the share capital. The maximum price was set at 60 PLN per share. The value of the public offering could reach even 1.3 billion PLN.