Brief: KNF approves IPO prospectus of TXM

Redan SA W Likwidacji

05/12/2016 11:02

Dec 5 (Reuters) - TXM SA:  
    * The Polish Financial Supervision Authority (KNF) approved 
on Dec. 2 the IPO prospectus of TXM, a unit of Redan  RDNP.WA , 
that manages a network of clothing discount stores TXM 
Textilmarket  
    * TXM estimates that from the public issue of up to 4.0 
million series E shares will raise about 23.0 million zlotys 
($5.45 million) net  
    * The company plans to allocate the money from the issue for 
development of its sales network in Poland and abroad, logistics 
and e-commerce channel 
    * Plans to allocate about 90 pct of offered series E shares 
in institutional investors tranche and about 10 pct in 
individual investors tranche 
    * Subscriptions in tranche for individual investors will run 
from Dec. 7 to Dec. 12 and book-building for institutional 
investors is scheduled between Dec. 9 to Dec. 13 
    * The issue price and the final number of shares to be offer 
will be announced on Dec. 14   
    * Between Dec. 14  and Dec. 19 the company plans 
subscriptions for the shares for institutional investors 
    * The first trading day of the company's rights on shares on 
the Warsaw Stock Exchange is scheduled for Dec. 29 or around 
that date 
    * The company forecasts that in FY 2016 its revenue will 
increase to 381.4 million zlotys versus 314.8 million zlotys in 
2015 
    * Sees FY 2016 net profit down at 13.1 million zlotys versus 
16.1 million zlotys a year ago 
    * According to TXM strategy, no less than 35 pct of net 
profit will be paid as dividend 
    * If over 50 pct paid out as dividend as it was the case in 
2015, prior to that , the company will need to obtain a consent 
from PKO BP, the financing bank Source text - http://bit.ly/2gT22zt 
 
                 - http://bit.ly/2h9rlAR 
 
 
 
($1 = 4.2187 zlotys) 
 
 (Gdynia Newsroom) 
 ((Gdynia.newsroom@thomsonreuters.com; +48 58 772 0920;))