News

Correction.

In connection with the article published in GG Parkiet titled „MCI Management. What’s with the loan for ABC Data? Collaterals are creaking” by Mr. Wolak, we hereby request to publish the following correction.

Considering the interest of shareholders of MCI Management SA, stock investors and the readers of GG Parkiet, the Board of MCI wishes to provide clarification of the information used in the article that was false and misleading for the public opinion.

1. The headline includes the sentence (page 01), “What’s with the loan for ABC Data?” And further (page 04), “BRE Bank (…) has the right to claim additional collateral for the loan granted to MCI for the purchase (…)”
BRE Bank has never granted a loan to MCI Management SA for the purchase of ABC Data Holding Company. The information concerning the transaction was described in detail in the current report No. 86/2007, filed according to information requirements being in effect on the public market. The expression used by the journalist suggests MCI is having problems repaying its debts, which is not the case in this context.
2. In the contents of the column (page 01) there is the expression: “the recent weakening of the zloty also works to the disadvantage of ABC Data Holding. BRE Bank lent the company EUR 21 mil., worth then PLN 76 mil. and now as much as PLN 90 mil.” This information is completely false. The debt mentioned here are bonds issued by ABC Data Holding taken up by BRE Bank; the bonds are nominated in zlotys, not in euro. Hence, the exchange rate differences have absolutely no influence on the current amount of debt. This information was also described in detail in the current report No. 86/2007.
3. The author of the article claims the collateral on ABC Data shares is insufficient for BRE Bank, due to undervaluation of shares of other distributors. To prove his thesis, he writes, among others (page 04): “the reason behind the undervaluation (…) is disappointing financial results.” This is an obvious case of abuse, especially since the journalist obtained the following statement from the President of ABC Data Holding: Regarding the results of companies from the ABC Data group – the books for the year 2008 are not closed yet, therefore we cannot provide any precise financial results for this year. However, we have recorded an increase in turnover of around 6 per cent and at least the same EBITDA.
4. The claim, about the alleged problems that MCI is allegedly having, was pursued further (page 04): “the necessity to collect money to redeem bonds (…) is not the only problem of MCI.” The error and falseness of this information consists in this that the bonds are securities convertible to shares. There is no need to redeem them. In the situation when they become due, they can be converted to shares in ABC Data. The details of the bond issue were also described in detail in the current report No. 86/2007.
5. The journalist speculates about talks held with potential buyers of ABC Data shares (page 04): MCI tried to find an industry investor for the company. They talked to (…). They were supposed to negotiate with (…). Unsuccessfully.” MCI made no attempts to seek an industry investor. The expressions warded with the clause “supposed to” and called “unsuccessful” right after strongly undermine the impartiality and reliability of this journalist. This is nothing else but creating reality without facts to support it.

Considering the above juxtapositions and having in mind the welfare of MCI Shareholders and other readers of Parkiet we request that this information be printed in the next edition of the newspaper.

At the same time, we inform that fearing the intentions of the journalist were distant from objectivity and reliability; we were forced to make a decision to direct the matter to the Polish Financial Supervision Authority to verify whether an attempt to manipulate the stock price of MCI Management SA was not made on behalf of Mr. Dariusz Wolak.

Sincerely,
Board of MCI Management SA