Shares in the troubled housing developer Gant shot up 17 percent on Thursday, following news that the company will not move forward with a PLN 300m issuance that would give no preemptive rights to shareholders. PTBS Pomorska had called for a general meeting to discuss plan before selling its 1.9 million shares in the developer to an undisclosed buyer. “This has caused PTBS Pomorska to lose its legitimacy to convene a general meeting, and the new shareholder did not show any interest in supporting PTBS’s efforts to vote on a new share issuance,” Gant wrote in a statement. The developer’s shares were trading at PLN 6 on the Warsaw Stock Exchange on Thursday.
In July, Poland’s financial supervisory regulator (KNF) opened an investigation into the liquidation of Gant after a court in Wrocław ruled that the housing developer lacks sufficient capital to continue the restructuring process. The court-led bankruptcy proceedings at the end of 2013 had allowed operations to continue. But this week the court ruled that Gant had failed to start paying off its debts, which reportedly exceed PLN 330m.
