Vodafone AirTouch PLC
22 November 1999
VODAFONE AIRTOUCH SIGNS PRELIMINARY AGREEMENT TO INCREASE STAKE IN
POLAND
Vodafone AirTouch Plc announces today that its wholly owned
subsidiary AirTouch Communications, Inc. (AirTouch) has entered into
a preliminary sale agreement with regard to the 0.50% stake in
Polkomtel S.A. held by BIG Bank GDANSKI S.A. The agreement relates to
75,000 registered common shares in Polkomtel, being acquired for a
cash consideration, payable on completion if AirTouch acquires the
entire block of 75,000 shares, of approximately US$13 million.
The preliminary agreement is subject to rights of pre-emption in the
Articles of Association of Polkomtel and, therefore, the amount by
which the Vodafone AirTouch stake in Polkomtel will increase will
depend upon the extent to which, if any, the other shareholders elect
to exercise their pre-emptive rights, which are pro rata to existing
shareholdings. The procedures relating to the exercise of pre-
emption rights are expected to be concluded in approximately 90 days,
with the closing of the transaction occurring shortly thereafter.
Vodafone AirTouch currently owns 19.25% of Polkomtel's issued share
capital. Polkomtel is the operator of the Plus GSM mobile telephone
service in Poland. It was awarded its licence in February 1996, and
at the end of September 1999 had over 1.3 million customers.
For further information contact:
Tim Brown, Investor Relations Director, or
Melissa Stimpson, Senior Investor Relations Manager, or
Mike Caldwell, Corporate Communications Director
at Vodafone AirTouch Plc
Telephone +44 (0)1635 33251
Lulu Bridges
Tavistock Communications Limited
Tel: +44 (0) 171 600 2288
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