Cyfrowy Polsat shares down
Cyfrowy Polsat share price on the Warsaw Stock Exchange on Friday opening, it dropped by 0.31%. and amounted to approximately PLN 14.50. After hours At 11:30, the company’s shares lost approximately 2.34%, falling to PLN 14.21, and around 1:45 p.m., investors paid PLN 14.40 for Cyfrowy Polsat’s shares, down by 1.03%.
List of protected entities
On Friday, the amended regulation of the Council of Ministers on the list of entities subject to protection and the control bodies competent for them entered into force. Six companies were added to the list of these companies: Cyfrowy Polsat, Telewizja Polsat, TVN, P4, T-Mobile Polska and WB Electronics. This regulation is valid until December 31 this year. From January 1, 2025, the new regulation, which has also already been published, will be in force for three years. It contains an identical list of entities as the one that entered into force on Friday.
The justification for the changes states that the regulation is an implementation of the authorization from the Act, which introduced a mechanism for controlling investments consisting in the purchase of shares or shares of enterprises, including: those added to the list or their organized part, as well as investments resulting in the acquisition or achievement of significant participation or acquisition of dominance over such companies, subject to protection in strategic sectors of the economy, “for the purpose of protecting public security and public order”. As added, the division of a protected company is also subject to control.
Cyfrowy Polsat added to the list is the parent company of the Cyfrowy Polsat Capital Group – Polsat Plus Group, the largest media and telecommunications group in Poland. The Polsat Plus Group includes, among others: Telewizja Polsat, Polkomtel and Netia. Cyfrowy Polsat has been listed on the WSE since 2008. Zygmunt Solorz is the main shareholder, owning – through the TiVi Foundation based in Liechtenstein – over 62 percent. shares of Cyfrowy Polsat.
Zygmunt Solorz’s conflict with his children
For a long time, the media has been reporting about conflict between Solorz and his childrenwho perform or have performed various functions in the group companies.
On Thursday Zygmunt Solorz gave an interview to Forbes. “In 2022, I made an entry in my foundation registered in Liechtenstein that in cases of emergency, children could take control of the foundation,” Solorz explained. “I decided that this would be the best and most honest way. As long as I am able to manage the business, I will manage it, and I will introduce the children gradually so that they can gain experience under my supervision. That is, they can join councils and management boards,” he said.
“(…) But it turned out that they wanted to receive all this much earlier than I planned to give them,” said Solorz. He added that the problem of his health was artificially created for the purposes of court cases under the pretext of false concern.
Forbes asked Solorz why the management of the foundation was not handed over to the children on December 15, 2023, the mutually agreed date.
“This date was the initiative of my children, who turned out to be impatient. It was the first attempt to speed up what I had planned for later. They wanted to take over my rights in the foundation on December 15, 2023, and I initially gave in. We made such provisions for several months. earlier. But eventually I changed my mind (…). You know, you have to trust children, so I agreed. But then I saw that they are unready and ungrateful. You have to learn a lot to do business. – he said.(…)
Forbes recalled that on August 2, Solorz signed a document in the presence of a notary and agreed to give the children control over the foundation. When asked why he trusted his children again, the billionaire replied: “This time my children outright deceived me. The letter was complicated, with references to paragraphs of other legal documents that I don’t have in mind.”
Statement by Solorz’s children
Zygmunt Solorz’s children: Tobias Solorz, Piotr Żak and Aleksandra Żak reacted to their father’s interview with a statement published on Thursday by virtualmedia.pl.
“Our reactions are aimed at protecting the family and concern third parties who have significantly abused our Dad’s trust and who, in our opinion, are providing him with false information. The steps taken by these people arouse even greater opposition on our part because we are horrified by the state of our Dad’s health. “Despite repeated attempts to contact and organize a meeting with Dad, which our Father apparently does not know about, we were prevented from having personal contact,” wrote Zygmunt Solorz’s children in a statement.
They announced that they would “take decisive action” to ensure that all people who violated their father’s trust would be held accountable. They argue that they did not deceive him when signing the succession documentation, under which they were to gain control over two key foundations.
According to Solorz’s children, the interview he gave did not mention a fact that was crucial from the perspective of time. They stated that the father did not want to involve the fourth wife, Mrs. Justyna Kulka, in the affairs of the Foundation and on August 2, 2024, he repeatedly asked them and his advisors not to inform her about the signed documents.
“On August 3, 2024, suddenly, the Father asked us for an urgent meeting, led by Justyna Kulka and Jerzy Modrzejewski, telling us that the Father wanted to withdraw from the changes made. This strengthened our fears that these people were taking advantage of our Father’s trust. , they want to take over the management of his assets. We do not and will not consent to this,” they added.
“In the face of all these events, we have made a decision that is extremely difficult for us personally, but necessary to protect our Father, his good name and his entire legacy. As siblings and as people who have been co-managing assets and strategic companies for years – we have decided to use all available legal instruments to prevent our family from losing control over the Group created by Dad,” explained Solorz’s children. They emphasized that they are still taking “actions to end the dispute amicably.” (PAP)
