TVN starts share buyback

June 11, 2014 20.18 Europe/London By Chris Dziadul

The Polish commercial broadcaster TVN has completed the first stage of a share buyback.

It saw the company repurchase a total of 5 million shares, of which 2,445,500 was sold by minority shareholders, paying PLN20 (€4.87) per share and spending a total of PLN100 million.

Commenting on the move, John Driscoll, VP of the management board and CFO, said: “We are satisfied with the high shareholder response which allowed for a swift execution of the first stage of our PLN500 million share buyback programme. In line with the earlier announcement, the management intends to launch the next stage of the share buyback in the magnitude of PLN120-150 million towards the end of the year.”