Fabrity Holding Completes Transformation: Sale of Marketing Business and Changes in Leadership
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Fabrity Holding
Mission completed The sale of the marketing business completes the Group's transformation process. In September, Fabrity Holding announced that it had signed an agreement to sell its marketing activities for PLN 22 million. The buyer is the strategic investor Kamikaze, part of the French group Altavia. Taking into account the success fee for key employees and management (PLN 4m), other transaction costs and income tax (PLN 2m), the company will receive approximately PLN 15m in cash.
Distribution of proceeds from the sale to shareholders. The Management Board has recommended initiating the process of distributing to shareholders the proceeds of the transaction in the amount of PLN 15 million. Based on the Company's capital structure, part of the distribution may be in the form of dividends, estimated at approximately PLN 8 million (PLN 3.25 per share), and the remainder may be in the form of e.g. share repurchases. The details of the payout, other than the dividend, will be decided at the EGM in January 2024. Our model assumes a dividend equivalent of PLN 6 per share next year and PLN 2 the following year.
Change in the position of Group CEO. Mr Paweł Wujec resigned as CEO, citing the fulfilment of the mission entrusted to him, i.e. the Group's transformation project and the creation of shareholder value. As of 1 November, Mr Tomasz Burczyński, former CEO of Fabrity Holding, will become CEO of Fabrity. The change means that the focus will be entirely on the development of the software business. The assumptions of the updated strategy will be finalised and presented in the coming months.
