The board of directors at Warsaw-listed Global City Holdings said late on Friday they wanted the group to delist from the Warsaw Stock Exchange , offering shareholders around 40 zlotys per each share. The offer, which values the company at 2.05 billion zlotys ($557.9 million) or 8 percent below the current market value, is to be discussed at an initial shareholder meeting in Warsaw on March 10 and then go to a vote on March 20 in Rotterdam.
Global City listed in Warsaw in 2006 as Cinema City International. Following a 2014 cash and share deal the group became the largest shareholder in British cinema operator Cineworld, Europe's No 2 cinema chain. The Warsaw-listed holding company, controlled by the Israeli Greidinger family, which founded Cinema City, also owns almost 40 percent in real-estate developer Ronson Europe.
"It is estimated that a termination of the Company's Warsaw Stock Exchange (WSE) listing will generate a cost saving of approximately 1 million euros per annum," the directors said in a statement. "As a holding company rather than an operating business with a recognisable name, the majority of the company's value consists of its holdings in public companies such as Cineworld and Ronson.