Consolidated Report of the third quarter of 2014

After 3 quarters of 2014. The Capital Group INC reported a net loss of 9 459 thousand. PLN. The loss was caused by updating the portfolio’s value of shares of the companies, quoted on organized trading- as of 30.09.2014 the market value of public companies was 15 987 thousand PLN. On 28 October 2014, on NewConnect debutated Investeko S.A intoduced by INC S.A. Including companies introduced in the previous quarters, like Vakomtek SA, Megasonic SA and 2Intellect SA, it was the fourth debut this year of INC SA portfolio company on NewConnect. Additionally, INC advised by emissions and secondary introductions, amounting to almost 100 million zł.

In the third quarter, it was finalized share’s consolidation progress of the Company by increasing the nominal value from 0.50 zł to 2 zł. The procedure under the share consolidation, uniting deficiencies amounted to only 990 shares and have been compensated by the Company through the irreducible-pay waiver of the number of shares.
The Company continued its share buyback program – until the date of this report, the company has focused 275,695 own shares, representing 3.3045% of the share capital and giving the right to 2.8009% of votes at the General Meeting of the Company.

In the last quarter INC SA signed with the Bursa de Valori Bucuresti (BVB) – Bucharest Stock Exchange – a letter of intent which in the future assumes the conclusion of the agreement about acting as an Authorised Adviser on the Alternative Market AeRO ATS- after regulation’s approval of creating this market by the Romanian Financial Supervision Commission (CNVM).
The signing of the letter of intent was preceded by several months consultation with BVB, which resulted in, among others, the INC SA participation in seminars organized by the BVB in Bucharest and Cluj for several dozen companies interested in the presence on the Romanian capital market.

Actions taken in Romania are associated with the implementation of the company’s strategy which assumes expanding their business geographically using its experience important in the development of NewConnect and Catalyst in Poland.

Activities in Romania are not only limited to advisory activity by the company INC SA. Currently, there is under development the appointment of Romania’s INC company, based in Bucharest, which will provide services for issuers and investors directly on the Romanian market.

INC SA Company is also a leading shareholder Carpathia Capital SA, which by the end of this year will have a seed capital of 2-3 million PLN, intended for first investments in companies that starting from 2015 will be placed to trading on AeRO Market of  the Bucharest Stock Exchange. The company plan Carpathia Capital SA is a debut on BVB (alternative market AeRO) in the first half of 2015. More information about Carpathia Capital is available at

The subsidiary INC S.A, Brokerage House INC Sp. z o.o. continues the process of applying for a permit of National Supervisory Board (KNF) to conduct brokerage activities in the field of offering financial instruments.

This month has been established by INC SA and Regionalne Centrum Technologii i Wiedzy INTERIOR based in Nowa Sól the company INC Rating, which, using many years of experience INC SA in the preparation of municipal bonds in 2015, will submit an application to the European Securities and Markets Authority (ESMA) regarding the registration as a credit rating agency in the area of local government units in Poland and in selected European countries.