Internet Group issue prospectus approved
2007-03-23
The Financial Supervisory Authority (KNF) has approved the issue prospectus of the Internet Group, a company which offers telecommunications services to corporate clients. The firm wants to sell around 11.4 million shares and thus to raise funds for the acquisition of CR Media Consulting, a media house, and for the development of its group after this merger.
The merger was to have been concluded by the end of 2006. The share issue is expected to be worth around PLN 100m (€25.6m), and some 40% of the money from the IPO will be spent on the acquisition. CR Media predicts that in 2007 it will earn revenues of PLN 210m (€53.8m) and that its EBITDA will stand at PLN 12m (€3.1m).