PTBS Pomorska sold its 1.9 million shares in the troubled Polish housing developer to an undisclosed buyer. The news comes shortly after PTBS Pomorska had called a general shareholder meeting to discuss a new PLN 300m issuance that would give no preemptive rights to shareholders. The meeting has since been canceled.
The business website parkiet.pl reports that investors had grown suspicious about this issuance. Poland’s association of individual investors (SII) claims the company’s plan was illegal. The Gant board officially agreed with SII, issuing a statement saying that shareholders should not be deprived of their preemptive rights.
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.
