A hostile takeover is easy because after the pre-emptive right stopped, capitalization of the company dropped to PLN 47m. It’s enough to buy the shares and stop planned issue for the stock to jump three times. Not ethical but legal. At the end of August, Sanwil stock cost PLN 1.57, but after the pre-emptive right stopped on September 4th, it dived to PLN 0.4. It would be enough to invest PLN 20-30m to get control over the company. Then the issue of 900m shares PLN 0.06 each would be given up.
The question is, who would like to do it. Some people point at Krzysztof Moska, the well-known stock investor who used to have a big stake at Sanwil but sold it several weeks ago.
“I’m not engaged here”, Krzysztof Moska denied.
Others point at Rafal Jerzy, CEO and biggest shareholder of listed Makrum, the producer of ship equipment. Rafal Jerzy is also the biggest shareholder of LZPD Protector, the producer of leather shoes for the army. If he acquired Sanwil, he would hope for synergies between it and Protector.
“I’m not interested in Sanwil but I know its situation well. I also know that the whole textile sector as well as financial investors are closely watching it”, Rafal Jerzy said.
Jerzy Buchajski would be in the most difficult situation if the scenario came true. He sold his stock in Sanwil in order to buy the newly issued shares. If the issue is cancelled he will be left with shares only and will lose control over the company.
Jacek Rudnicki, Sanwil CEO, admits he is aware of the fact that the company may be a target of a hostile takeover.
(PLN 1 = EUR 0.266)