In March 2007, Cash Flow said that Prima Charter
would increase its capital from PLN 50m (EUR 13.7m) to PLN 70m. Cash Flow was
supposed to acquire a stake worth PLN 1.5m. However, the capital amounts to 40m.
Cash Flow failed to pay for its stake.
The forecasts for the years 2007-09
provided for increase of sales to PLN 228m, PLN 420m and PLN 600m respectively
while net income was supposed to grow to PLN 20m, PLN 36m and PLN 48m. At the
end of 2007 and beginning of 2008, Prima Charter planned an IPO on the Warsaw
Stock Exchange. Meanwhile, the company is still a limited liability one while it
takes 12 months to transform into joint stock company. In the January-September
period, it had PLN 103.2m of sales and PLN 14.2m of net loss.
“Prima Charter
management has not told us that the forecasts were changed. We don’t have
quarterly financial reports from the company”, Tomasz Halabowski, Cash Flow
spokesman said.
“Mr. Grzegorz Gniady comes to Prima Charter once a week. This is my answer”, Krzysztof Szymanski, Prima Charter member of the board said.
Grzegorz Gniady is Prima Charter’s chairman and
Cash Flow’s deputy CEO.
Cash Flow said in March that TFI Opera
investment fund would become Prima Charter’s shareholder. The fund was supposed
to be joined by well-known investor Krzysztof Moska. TFI is not shareholder of
the company. Krzysztof Moska resigned from the membership in Prima Charter’s
supervisory board in May.
“I gave up because I’m fair and I’m not going to give my name to certain businesses”, the investor told “PB”.
(PLN 1 = EUR 0.273)