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BRIEF-KNF approves Marvipol Development prospectus
November 8, 2017 / 1:45 PM / a month ago

BRIEF-KNF approves Marvipol Development prospectus

Nov 8 (Reuters) - MARVIPOL SA

* KNF (POLISH FINANCIAL SUPERVISION AUTHORITY) APPROVED ON TUESDAY PROSPECTUS CONCERNING ADMISSION TO TRADING ON REGULATED MARKET OF WARSAW STOCK EXCHANGE OF SERIES A AND B SHARES OF MARVIPOL DEVELOPMENT SA

* MARVIPOL PLANS TO DIVIDE THE GROUP BY SPLITTING INTO TWO BUSINESS ENTITIES, AUTOMOTIVE ONE CALLED BRITISH AUTOMOTIVE HOLDING AND DEVELOPMENT ONE NAMED MARVIPOL DEVELOPMENT

* CEO MARIUSZ KSIAZEK SAYS THAT THIS PROCESS IS INTRODUCED TO FACILITATE THE MARKET‘S FAIR VALUATION OF BOTH SEGMENTS

* FOR EACH MARVIPOL SHARE HELD THE SHAREHOLDERS WILL RECEIVE ONE SHARE OF MARVIPOL DEVELOPMENT

* VALUE OF DEVELOPMENT SEGMENT WAS ESTIMATED AT 45 PERCENT OF THE VALUE OF THE ENTIRE GROUP AND VALUE OF AUTOMOTIVE SEGMENT ACCOUNTS FOR THE REMAINING 55 PERCENT

* SHAREHOLDERS ARE TO DECIDE ON THE SPLIT ON NOV. 20

Source text for Eikon: Source text: bit.ly/2zmmjcW

Further company coverage: (Gdynia Newsroom)

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