FP - Proposal for a secondary listing on Warsaw Stock Exchange

This secondary listing should be coupled with an offering of up to 10% of the existing shares. The manager said that a secondary listing will increase visibility among international institutional investors and that FP would benefit from broader research coverage. The manager also said that it preferred Warsaw over London or Vienna due to the growing importance of WSE in the region and lower costs. We view this piece of news as neutral for FP shares since the announcement of a secondary listing was expected by the market.