The Warsaw Stock Exchange - GPW

Fact Book 20122010 the document was adapted to incorporatethe most recent changes in the law, currentinternational trends in corporate governanceand expectations of market participants.In 2011 the WSE introduced more changesto promote innovative solutions aimed to improvethe quality of governance in companies.The document begins with a Preamble andits content is subdivided into four sections:I. Recommendations concerning best practicesin listed companies,II. Best practices applied by managementboards of listed companies,III. Best practices applied by members of supervisoryboards,IV. Best practices applied by shareholders.The aim behind the ‘Best Practices’ is to enhancetransparency of listed companies, improvethe quality of communication betweencompanies and investors, strengthen the protectionof shareholders’ rights (also in mattersnot regulated by law), while avoiding burdensfor listed companies that would not be offsetby market benefits. For this reason, ‘Best Practices’cover exclusively those areas where applicationof such practices is likely to improvethe market valuation of companies and, consequently,reduce the cost of raising capital.The WSE liaises with listed companies in mattersrelated to interpretation of corporate governancerules and monitors issuers’ compliancewith mandatory disclosures describedin ‘Best Practices for WSE Listed Companies’.The Warsaw Stock Exchange has developeda dedicated corporate governance website(www.corp-gov.gpw.pl) with a mission to promotecorporate governance rules, establishan active forum for exchanging opinions andenhance communication with listed companies.The website presents information onimplementation of corporate governance incompanies, and updates of corporate governanceevents initiated by the WSE and itsEduPartnersNew companiesIn 2011 the WSE Main List was among themost active IPO platforms among Europe’sregulated markets. With 38 new arrivals, theMain List came second in Europe in terms ofthe number of IPOs and third with respect tothe value of new public offerings.The public offering of Jastrzębska SpółkaWęglowa, worth PLN 5.37 billion, was thehighlight of the year. It was also Europe’sthird largest IPO in Q3. The arrival of JSWmarked the fourth largest IPO of a domesticcompany in more than 20 years of the WSE’shistory.Six of the new entrants on the Main List successfullyfulfilled their growth plans, makinga transition from NewConnect to the maintrading floor.PLEASE NOTE: All names of companies from tables included in the Fact Book 20121 are given as at31 December 2011 – cf. Table ‘Change of company names’, page 29.Newly listed companies in 2011No. CompanyFirst quotation* Price of shares / Price change in relation toIssueprice of shares /rights to sharesprice date rights to shares(PDA) at year-endissue price first quotation(PDA)(PLN) (PLN) (PLN) (%) (%)1 BSCDRUK 17.50 4.01 17.39 15.30 -12.57 -12.022 IZOSTAL 5.50 11.01 7.07 6.58 19.64 -6.933 WADEX 12.15 12.01 12.08 7.70 -36.63 -36.264 INPRO 6.60 17.02 6.70 3.18 -51.82 -52.545 IDEATFI 10.00 22.02 10.50 4.03 -59.70 -61.626 MEGARON 24.00 25.02 27.40 20.50 -14.58 -25.187 AVIASG 52.00 3.03 55.15 28.35 -45.48 -48.598 ESTAR 143.10 22.03 150.00 145.00 1.33 -3.339 EUIMPLANT 0.54 29.03 0.58 0.21 -61.11 -63.7926