Bulletin
Netia holds ordinary shareholders' meeting
WARSAW, Poland – March 17, 2005 – Netia SA (“Netia” or the “Company”) (WSE: NET), Poland’s largest alternative provider of fixed-line telecommunications services, today announced that its ordinary shareholders’ meeting held on March 17, 2005 (the “Meeting”) adopted resolutions concerning, among others, the dividend and the share and subscription warrant buy-back program.
Due to the fundamental improvement in Netia’s financial position following the Company’s successful restructuring carried out during the 2002 – 2004 period, Netia’s management recommended a first ever dividend and a share and subscription warrant buy-back program to shareholders. In accordance with the management’s proposal and the resolution adopted by the Meeting, the dividend of PLN 0.10 per share will be paid to shareholders of record as at April 7, 2005 and will be payable on April 22, 2005. As a further move to return capital to shareholders, the share and subscription warrant buy-back program of up to PLN 120 million was approved. The program will be run transparently and openly over a 15-month period in compliance with all Polish and EU rules and regulations. The buy-back envisages shares and warrants purchased only on the Warsaw Stock Exchange – no off-exchange block purchases – in order to ensure maximum transparency and to give all shareholders access to the same opportunity.
In addition, Netia announces, in connection with the adopted resolution on the dividend payment, that subscriptions for Netia’s series J shares authorized from the two-year and three-year subscription warrants will not be received during seven consecutive days from March 31, 2005 to April 7, 2005 (inclusive), i.e., in accordance with par. 24.3.2 chapter III of the Polish prospectus of Netia’s notes and shares dated April 17, 2002.
Detailed information on the buy-back program will be announced separately following the registration of the related changes to Netia’s statute, adopted today by the Meeting.