Broadcaster Canal+ Polska cancels IPO

CANAL+

Private TV broadcaster Canal+ Polska has withdrawn from its planned IPO citing unfavourable conditions on the financial markets, the company announced in a Tuesday statement.

The company said it would not apply for the admission of its shares for trading on the Warsaw Stock Exchange (WSE), a parallel market operated by the WSE or any other market on the basis of the approved prospectus.

"The decision is a consequence of increased volatility on financial markets negatively impacting the offering," the statement read.

The statement said that shareholders had decided, following consultation with its global coordinators and its investment firm, to withdraw from the offer entirely.

In connection with the cancellation, share subscriptions will be considered invalid and payments will be returned to investors no later than seven days after the announcement, the statement said.

Canal+ shareholders originally planned to offer 21.62 million shares in the company to a value of about PLN 1.3 billion (EUR 288 million).

The offer concerned shares currently held by TVN Media and Liberty Global Ventures Holding. The main shareholder, Groupe Canal+ (part of the Vivendi concern) currently holds 51 percent of share capital in the company, TVN Media about 32 percent and Liberty Global about 17 percent. Groupe Canal+ did not plan to sell any shares.

The shareholders said in a press release they planned to return to the IPO when "the situation on financial markets is more supportive."