On July 5, 2024, the Board of Directors of WOJAS SA, a well-known footwear manufacturer based in Nowy Targ, submitted an application to the Polish Financial Supervision Authority (KNF) for Allowing its shares to be withdrawn from trading On the main floor of the Warsaw Stock Exchange (GPW).
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Wojas filed a request to withdraw from WSE.
The application covers all of the company’s shares listed on the stock exchange. This total number is 12,676,658 shares, including 10,000,000 ordinary shares of class “A” and 2,676,658 ordinary shares of class “B”. This action is a direct implementation of the decision taken by the company’s shareholders during the Ordinary General Assembly held June 19, 2024.
The process of delisting a stock from a stock exchange, also known as Cancel Listand is regulated by the Public Offering Act. Pursuant to Art. 91 Section 1 of this Act, the company must obtain the approval of the Polish Financial Supervision Authority for this procedure. The task of the Commission is to assess whether this operation does not threaten the interests of small investors and whether all legal requirements have been met.
What are the benefits of delisting a company from the stock exchange?
The decision to delist shares may be motivated by various factors. Companies often decide to take such a step when they believe, for example, that their presence on the stock exchange is no longer beneficial to them. There may be more reasons.
The process of delisting shares may take several months. The Polish Financial Supervision Authority carefully analyzes such requests, taking into account the interests of all parties involved. During this time, WOJAS SA shares will continue to be listed on the WSE and investors will be able to trade them.
WOJAS SA is a company with a long history in the Polish footwear market. Founded in 1990, over the years it has developed into one of the leading manufacturers and sellers of footwear in Poland. The company made its debut on the Warsaw Stock Exchange in 2008, the aim of which was to accelerate its development and increase brand recognition.
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