Poland’s first AIC licence issued by PFSA
We are pleased to announce that Dubiński Jeleński Masiarz i Wspólnicy sp.k. has successfully conducted the first in Poland proceedings before the Polish Financial Supervision Authority for issuing a license to perform the activity of the Alternative Investment Company Manager (AICM).
The legal provisions introducing the institution of an Alternative Investment Company (AIC) and AICM into the Polish legal system came into force in June 2016. Last week the entity supported by our law firm received the first license of AICM in Poland. The pioneering nature of the proceedings before the Polish Financial Supervision Authority was related to the necessity of acting on the basis of legal regulations not applied by any other entity so far.
The decision of the Polish Financial Supervision Authority issued in this proceedings is the first license of this kind in Poland. Other AICM operating on the domestic market due to the low value of the assets under management (below EUR 100 000 000) benefit from a statutory exemption and operate under a simplified supervisory regime – without a licence but on the basis of an entry in the register of AICM kept by the Polish Financial Supervision Authority.
Within our Capital Markets Team, we advise our Clients in all proceedings before the Polish Financial Supervision Authority, including those concerning alternative investment companies and the management of alternative investment companies
Private Equity Managers S.A.’s Debut at WSE
The Dubiński Fabrycki Jeleński i Wspólnicy law firm has advised Private Equity Managers S.A. on its Initial Public Offering (IPO) and the admission of its shares to public trading on the regulated market organized by the Warsaw Stock Exchange (WSE). The public offering of the Private Equity Managers S.A. shares provided for the sale of up to 411,863 shares accounting for 12.35 percent of its share capital. The shares were sold by the MCI.EuroVentures 1.0. sub-fund separated within MCI.PrivateVentures FIZ. The public offering of Private Equity Managers S.A. was very successful. All the offered shares were allocated and the reduction rate of the open tranche was 90.23%. The selling price was set at the maximum level of PLN 111, which set the value of the entire public offering at PLN 45.7 million. Private Equity Managers S.A. debuted on the stock exchange on April 9, 2015. Private Equity Managers S.A. is the parent company in the capital group specialized in the management of different types of assets in private equity alternative funds, including venture capital funds. The Private Equity Managers S.A. group manages assets through its own investment fund company: MCI Capital Towarzystwo Funduszy Inwestycyjnych S.A. which manages closed-end investment funds (of mainly non-public assets). The investment funds whose investment portfolios are managed mostly by entities from the Private Equity Managers S.A. group invest chiefly in fast-growing companies from the technological sector in the CEE region. The Private Equity Managers S.A. group was created through the separation of asset management operations from the MCI Management S.A. capital group in the years 2010 – 2012.
IPO of the shares of Alumetal S.A. on WSE
The Law Office provided legal assistance in the process of public offering of the shares of Alumetal S.A. which debuted on the Warsaw Stock Exchange on 17 July 2014, the offer value was at PLN 293 177 500. The shares of Alumetal S.A. were sold within the said public offering by ABRIS CEE MID MARKET FUND – private equity fund.