The POLANDSECURITIES brand was 
									advertised during the ITI Holdings (media 
									and entertainment group) offer in June 
									2002.
 
									 
									The report, critical of the ITI offer, was 
									received by investment fund associations, 
									OFE (Polish pension funds) managers, investment banks, analysts and 
									the media. ITI Holdings and its shareholders 
									to date intended to sell shares valued up to 
									1.5 billion PLN. It was the biggest offer of 
									2002. ITI Holdings did not assign any shares 
									due to the small number of subscriptions 
									made.  
 
									 
									POLANDSECURITIES issued an analytical 
									report on the HOOP SA offer in May 2003. The 
									offer was rescheduled. The issue price was 
									agreed in the lowest bracket differential – 
									21 PLN. A year after the issue the value of 
									Hoop shares dropped to 8 PLN, whilst the 
									market was experiencing a growth trend. In 
									2004 and 2005
									 
									in a poll by the ‘Rzeczpospolita’ journal 
									directed at managers of investment funds, 
									Hoop was recognized as one of the five least 
									credible companies on the WSE. 
 
									
 
									In consecutive years POLANDSECURITIES 
									has issued analytical reports on companies 
									quoted on the stock market, appraising some 
									companies in a critical light and pointing 
									out their overvaluation, whilst other 
									companies we have judged in a positive light, 
									indicating their strengths.
 
									
 
									We pointed out the high overvaluation of 
									companies but where we saw good companies 
									and their potential for growth we appraised 
									them in a positive light against the market 
									and according to the index.
									
 
									The main analyses are available on the home 
									page and the reports, and prognoses issued 
									by us, can be checked and assessed.
 
									 
 
									 
									The CV of the POLANDSECURITIES main 
									associate in Poland can 
									be found