Internal conflict of Wirtualna Polska

2004-01-08

The Extraordinary General Assembly of Shareholders of Wirtualna Polska (WP), a leading Internet portal in Poland, has cancelled a decision made earlier in 2003 concerning the rise of the company's capital by PLN 48m. The cancellation was passed as minor shareholders refused to inject WP with any new capital. Instead, they demand from the major shareholder, which is TP Internet (TPI), to buy their 19.54% combined stake in WP for PLN 230m. According to Rzeczpospolita, the minor stockholders claim that the specific contract granting them a price of up to $66 per share was signed in 2001, while TPI has recently suggested that it is interested in a take-over of the shares but is willing to pay around $15 per share.