11-11-2020

Canal + Polska Cancels IPO

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WARSAW: Canal + Polska has announced the cancellation of its upcoming IPO on the Warsaw Stock Exchange. The company states "recent volatility in financial markets" as the reason for this decision.

“This decision is related to the recent volatility in financial markets, which has a negative impact on the possible outcome of the offer. The intention of the sellers' shareholders is to return to their plans to conduct the offer when the situation on the financial markets will be more favourable,” Canal + Polska announced in a statement.

Last autumn Canal + Polska bought 70 percent of the biggest Polish film distributor Kino Świat. All cinemas in Poland were closed from mid-March to early June due to the epidemic, and after opening the attendance is much lower due to a reduction in capacity and the postponement of the premieres of many anticipated films. While Kino Świat has not yet announced results for this quarter it is clear that the industry suffered major losses.

“We believe that the cinema will rebuild after COVID,” Edyta Sadowska, President of Canal+Polska, said. “We believe as a company that people will not quit the cinema, that they will return to the cinema after COVID. It is probably not possible for us to watch films with the same commitment, even on a big TV screen at home. Cinema is perceived as a higher form of entertainment.”