WSE not for BIK for now

However, the developer has not give up on its other investment plans, such as the extension of Centrum Logistyczne in Sosnowiec, the construction of Centrum Logistyczne Kraków III and the construction of a retail park in Dzierżoniów. The company will return to its plans for entering the Warsaw trading floor when the climate improves on the capital market. The main reason for the suspension of the public offer was the high discount expected by the investors that participated in the book-building. “There was a lot of interest in our offer in the course of meetings with investors. They appreciated our business model and healthy development prospects. However, due to the demanding situation on the capital market they expected too high a discount on the company’s value, which valued the share issue and sales price at a level that was unacceptable for us and would as a result be harmful from the point of view of our current shareholders, the company and its further development. We know our value and we were not able to agree to such conditions. But we are not giving up on the idea of a public offer and our debut on the stock exchange completely. We will consider returning to an IPO in a better economic climate on the capital market,” explained Mirosław Koszany, the president of the board at BIK. Based on the prospectus, which was approved by the Financial Supervision Authority on December 8th last year, the company were offering 1,130,000 new I-series shares and up to 569,606 existing H-series shares. BIK expected to raise a gross amount of app. PLN 23.7 mln from the issue of I-series shares. The net amount was estimated at app. PLN 22.5 mln. The aim of the flotation was to fund the extension of Centrum Logistyczne in Sosnowiec, the construction of Centrum Logistyczne Kraków III and the construction of a retail park in Dzierżoniów. The company is planning to continue the projects it has been preparing and finance them from alternative sources. For the extension of Centrum Logistyczne in Sosnowiec and the construction of Centrum Logistyczne Kraków III it has already invested in the purchase of the land, utility connections and the preliminary preparation of the designs. “We will start the extension of Centrum Logistyczne in Sosnowiec this year and finance the project from own funds generated from ongoing operations,” added Mirosław Koszany.