Arena squares up to Tel-Energo
Arena has blamed Tel-Energo for the failure of its IPO and the company intends to get its pound of flesh.
It claims that Tel-Energo's MD Jerzy Urbanowicz made comments that he considered any projects with Arena not in the best interests of his company at a time when the offer was almost home and dry. It claims that PLN61m of PLN70m needed had already been collected and the remainder was only needed to cover institutional investors like Templeton. Arena is demanding PLN70.5m compensation.
Przemysław Szmyt of Arena claims that this will only cover direct losses and there are further claims for missed opportunities.
Recently a court secured the shares of telephone operators NOM and Polkomtel which belong to Tel-Energo. This however is not good enough for Arena who consider that the Polish national grid, PSE, which owns Tel-Energo might declare the company bankrupt and then use the assets of the company under another name.
However the eagle eyed American lawyers of Arena suggest the case could go even further. As Tel-Energo is a state owned company then the treasury could find itself under attack.
Arena signed a contract with the former board of Tel-Energo which proposed opening a joint venture. Tel-Energo would bring its surplus capacity on its network in exchange for a 49 percent stake in the company which would be caused E-connections.
Until the comments of Mr Urbanowicz appeared in the press, Arena claims that it had no idea that the other side was unhappy with the agreement.
Arena claims that it does not want to resort to the courts to force the contract although Tel Energo wants to pull out of it. Arena's aim, apparently, is to find an investor or to merge with a western portal.