TWO well-known City investors have emerged as indirect holders of substantial stakes in the company that owned the exhibition hall in Katowice that collapsed at the weekend, killing at least 66 people.
Shares in Expomedia Group, which is quoted on the Alternative Investment Market, slumped after it was forced to rush out a statement on its financial exposure to the tragedy.
The shares ended down 25p at 115½2p, valuing the company at £58 million. Expomedia owns 51 per cent of MTK, the Polish concern that itself owns the exhibition hall. Other shareholders include the City of Katowice and the Polish State Treasury.
Expomedia, which specialises in developing and operating exhibition and other public venues, is itself a fifth held by the veteran City investors Nick Berry and Christopher Stainforth.
The statement from Expomedia expressed condolences to the families involved in the disaster and said that the Polish authorities and representatives of MTK were trying to identify the cause.
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“Both MTK and Expomedia carry insurance policies, which are currently being assessed,” the statement said. A spokeswoman could not say whether the policies were sufficient to cover any potential costs.
“Until it’s established what caused it, they can’t make any comment on that,” she said. “MTK is insured and is assessing its position with its broker and insurance company.”
Paul Bates, an analyst at Charles Stanley Securities, said he thought that the matter would only be a “short-term setback”. He added: “In the context of the development of the group, this tragedy should not be overplayed.”