The market reacts to the CBA action in Cyfrowy Polsat

The quotations of Cyfrowy Polsat shares on the Warsaw Stock Exchange probably reacted to this news. While until noon the rate temporarily increased by as much as 1.7 percent, around At 1:40 p.m. it began to turn south and around At 2 p.m. with increased turnover, it fell by 1.6 percent, to PLN 12,355 per piece. Later, the scale of declines increased. Around 2:15 p.m., prices dropped by almost 6 percent, to PLN 11.8. Up to this point, no current announcement has been sent to the stock exchange from the company. However, the company issued a statement to the media (we quote it two paragraphs below).

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The decline in Cyfrowy Polsat’s quotations on Thursday afternoon due to reports about the CBA share may be indicated by what is happening on the broader stock market. And the mood was very good here. The main indexes have increased since the morning. WIG20, which includes the media and telecommunications giant, shortly after At 2 p.m. it was growing by almost 2.8 percent. This is one of the most powerful sessions at ul. Książęca in recent months.

The market reacted nervously to the news regarding Cyfrowy Polsat. | Stooq.pl

It is worth noting that Cyfrowy Polsat’s share prices – after increases in recent days – are again near the local lows from October, when the dispute over the succession in the Zygmunt Solorz family was a hot topic. Then the rate dropped to PLN 11.7, the lowest level since spring this year, when it temporarily fell below PLN 10. In April, the rate dropped to PLN 9.66 per share, which was close to the lowest levels in history and by 22%. lower than now.

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“Telewizja Polsat informs that before 9:00 a.m. three agents of the Central Anticorruption Bureau arrived at the company and, in connection with the decision of the District Prosecutor’s Office in Krosno, asked for documentation related to contracts with TVP SA. The documentation was transferred, the agents completed their activities some time ago and they left our headquarters after preparing the protocol for handing over the original documents. Telewizja Polsat has not previously received any letter from the Prosecutor’s Office in this matter, including a request for any documents. If we had received such a letter, we would certainly have provided the Prosecutor’s Office with the documents it required,” the Cyfrowy Polsat press office reported. .

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Dispute over succession at Polsat

In a letter to employees dated Thursday, September 26, Zygmunt Solorz announced actions that would result in the dismissal of his children from the management boards of the group’s companies.

In the letter, Zygmunt Solorz writes that he has recently realized that “involving my children in managing companies at this stage does not contribute to greater stability in companies or to building a better future.” Therefore, as he wrote, he decided to change this situation and “take action to dismiss my children from the authorities of the relevant companies in the coming weeks.”

This decision was surprising because the entrepreneur was preparing his children to take over the management of the family business in July. Tobias Solorz and Piotr and Aleksandra Żak blame his fourth wife, Justyna Kulka, for changing their father’s policy. In a letter released to the media, they reveal that they have not had contact with their father for a long time and express concerns about his health.

According to Paweł Rymarz, a lawyer representing Zygmunt Solorz’s children, the succession has already taken place. According to his account The notarial declaration of Zygmunt Solorz of August 2, 2024, transferring joint control over the TiVi and Solkomtel Foundations to his children: Tobias Solorz and Aleksandra and Piotr Żak “is binding and constitutes the implementation of a scenario assumed for years. Attempts to violate this factual state by revoking the statement of August 2, 2024 do not produce any legal effects,” wrote Rymarz.

See also: Investors have cooled down. The market is analyzing scenarios for Cyfrowy Polsat

However, the creator of Cyfrowy Polsat changed his decision and a day after signing the documents, he announced that he wanted to withdraw from this decision. Tobias, Aleksandra and Piotr suspect that Justyna Kulka, Solorz’s current wife, is behind this sudden change, it seems that she is supported by lawyers from the so-called old guard. and questions the signed notarial declaration. According to the lawyer representing the children, a possible dismissal from the supervisory board of Cyfrowy Polsat may be ineffective and may be appealed later, and the case will probably be decided by a court in Liechtenstein. We write more about the nuances and role of the TiVi Foundation in managing Zygmunt Solorz’s estate in this text.