STOCK MARKET: Debt collector to pursue seven-years old unpaid debt. The General Meeting of Shareholders to be held in a month. A new issue is coming.

More funds needed: GPM is preparing another issue of shares to raise funds with which to finance the purchase of more debt. CEO Jerzy Kulesza is negotiating with an investor willing to purchase all of the one million shares.

Attention fare dodgers who didn’t pay your fine for riding on a train without a ticket! The National Railways may have taken long to react but they won’t let you off the hook if you failed to pay your penalty. Last Thursday, PKP sold one package of debt to Giełda Praw Majątkowych Vindexus and commissioned another package for recovery. The total value of the packages amounts to around PLN 700 mln. The packages cover around 140 thousand debtors.

- The acquisition of this debt will be a test for the structure and organisation of our company. Never before have we handled so many debtors – says Jerzy Kulesza, CEO of GPM Vindexus, a WSE-listed company.

It’s the first contract of this type acquired by the debt collector. The news concerning the transactions concluded with the Polish National Railways were accompanied by an announcement of the General Meeting of Shareholders to be held on 22 December. The key item of the Meeting’s agenda will include the shareholders’ consent to increasing the capitals. Essentially, the consent has already been given. The controlling interest is in the hands of Jan Kuchno who holds 46.9% of the Company''s shares. Following the issue, Mr Kuchno’s share will be a little smaller because the existing shareholders will not have the right to acquire the new shares.

–We want to offer a million shares – says Jerzy Kulesza.

This is as far as the first tranche is concerned. The capital raising program is spread over three years and authorises the Company Directors to issue the total of 5 million shares, with the nominal value of PLN 0.10 each. The next share placement will be carried out at a rate similar to the reference price of around PLN 6. There are already buyers wanting to acquire the shares.

- We are in talks with a financial investor who is interested in taking up the whole issue – says Jerzy Kulesza.

The Company intends to use the funds raised from the issue to purchase debt. For PLN 5 mln. This amount will be banked by Vindexus after it covers the costs of the issue. Unpaid loans on the banking market are worth around PLN 35-40 million (the average price is between 10 and 20% of the nominal value). Vindexus’ engagement will not be limited to bank debt.

- We have followed the principle of portfolio diversification from the very beginning – says Jerzy Kulesza.

After the three quarters of this year, GPM Vindexus generated PLN 3.7 mln in profit, compared to PLN 3.9 mln last year.

Source:
Puls Biznesu, 2010-11-29