Multimedia Polska shareholders have today called off the planned relisting of the cableco on the Warsaw bourse following a lack of interest from investors.
“Multimedia Polska called off the public offering and cancelled its plans to debut on the…
Multimedia Polska shareholders have today called off the planned relisting of the cableco on the Warsaw bourse following a lack of interest from investors.
“Multimedia Polska called off the public offering and cancelled its plans to debut on the Warsaw Stock Exchange due to receiving an unsatisfactory number of applications during the bookbuilding process,” a spokesperson for the Polish cableco told TelecomFinance.
Shareholders had hoped to raise up to PLN948.3m (US$310m) from the sale of a 49.2% stake in the cableco in the relisting. The maximum price for retail investors had been set at PLN21 (US$6.90) per share.
Bookbuilding began on 15 May for institutional investors and on 16 May for individual investors and closed for both yesterday (28 May). Pricing had been set to be determined yesterday and trading to begin on 11 June.
UBS was the global coordinator and joint bookrunner for the relisting, while UniCredit and Raiffeisen acted as joint leads.
Multimedia shareholders delisted the company from the Warsaw bourse in 2011 and, the following year, hired JPMorgan & Chase to help it find a buyer – a plan that was abandoned that same year.
The cableco reported revenues for Q1 2014 of PLN175.7m (US$57.4m), down from PLN176.9m (US$57.8m) in the first quarter of 2013. EBTIDA for Q1 2014 stood at PLN91.4m (US$29.9m) and net profit at PLN12.6m (US$4.1m).
Multimedia provides digital TV, broadband, fixed-line and mobile services to about 827,500 customers. Liberty Global’s local unit UPC and Vectra are the nation’s two largest cablecos. There are numerous smaller regional players.
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