15-04-2014

TVN Stock Buyback Minimizes Losses

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    WARSAW: Polish private broadcaster TVN will spend up to 500 m PLN to buy back a portion of its stocks to take them off the market.

    The TVN Board decided to purchase all the company's shares available on the Warsaw Stock Exchange including the ones owned by the Polish Televsion Holding. The price of the stock can range from 0.01 PLN to 30 PLN and. The money for this transaction will come from the reserve capital TVN generated in past years.

    In late 2013 the TVN Board announced that it would not pay dividends to its shareholders while the buyout of the shares is taking place. Current stock holders can either take part in the buy-back or hold on to their shares in hopes of the rise of their value.

    In 2013 the TVN Group had a 1.555 billion PLN in income and 198 m PLN in net loss. The buy-back of the shares is expected to minimize the risk of further loses for 2014.