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How To Be Listed?

Poland's stock exchange market is growing stronger and becomes more international day by day. Its evolution is supported by the active marketing policy of the Warsaw Stock Exchange working to promote the entire infrastructure of Poland's capital market. These efforts have produced tangible results.
 

How to be listed on the regulated market?


The steps to be taken by a company planning to be listed on the Warsaw Stock Exchange.
1. Only a joint stock company may be an issuer of shares listed on the WSE. This does not bar entities operating under any other legal form from listing, but their owners need to transform them into joint stock companies or establish joint stock companies and transfer the entities assets thereto.
 

2. As a next step, the General Shareholders Meeting should adopt a resolution approving a public offer of shares, dematerialisation of the shares, and an application for admission of the shares to trading on the regulated market.
 

3. The decision to apply for admission to trading in the regulated market may require the preparation of a relevant information document (issue prospectus or information memorandum) so the company will need to work with:
• an auditor who will audit the company's financial statements and convert them into a format comparable year to year;
• a brokerage house which will offer the company's shares in a public offer.
Depending on the issuer's individual needs, the company may need to hire legal and financial advisors. The contents of the issue prospectus are laid down in the Commission Regulation (EC) No. 809/2004 of 29 April 2004 as regards information contained in prospectuses.
 

4. Next, the company will need to submit the working draft of the issue prospectus to the Polish Financial Supervision Authority (KNF). KNF may communicate its comments, and once the company has accommodated those in the final draft of the issue prospectus, KNF will decide whether to approve the prospectus.
 

5. Before opening the public offer, the issuer will need to execute an agreement with the National Depository for Securities (KDPW) whereby the securities subject to the public offer will be registered by the Depository.
 

6. The public offer may now proceed.. Before allocated shares of a new issue are registered, rights to shares may be traded on the WSE.
 

7. Once the offer is closed, the company will submit an application for the admission of shares (and possibly also rights to shares) to stock exchange trading on the main or the parallel market. The WSE Management Board will examine the application. The application must include, among others, the final draft of the issue prospectus accommodating all recommendations made by the KNF.
 

8. Once all shares introduced to trading are deposited with KDPW, the public offer is closed, and the shares of the new issue registered by the court, the company will file with the WSE Management Board an application for the introduction of shares to trading on the main or the parallel market. The WSE Management Board will indicate the trading system and the date of the first trading session.

For more information please contact the WSE Issuers Department,
tel. (48 22) 537 70 92, e-mail: emitenci@gpw.com.pl
and the Market Development Department:

Bartosz Świdziński, tel. (48 22) 537 71 84  e-mail: Bartosz.Swidzinski@gpw.pl
Michał Kobza, tel. (48 22) 537 74 84  e-mail: Michal.Kobza@gpw.pl
 

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