Advance Terrafund To Raise Capital by 66 Mln Leva

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Advance Terrafund To Raise Capital by 66 Mln Leva

Advance Terrafund REIT () will raise its capital by 66,084,087 leva (33.78 mln euros) to 110,140,145 leva (56.31 mln euros), through the issuing of 66,084,087 new ordinary voting shares with 1.0 leva par value each, a corporate message posted on the website of the Bulgarian Stock Exchange (BSE) shows.

The capital of the REIT will be raised only if at least 25,000,000 shares, each with 1.0 and 1.9 leva par and issue value, respectively, get subscribed and paid. Thus, the capital of the company will be raised by the value of the subscribed shares.

Shareholders who have acquired stock in the company no later than seven days after the announcement was published in the Official Gazette will be able to take part in the capital increase.

For each existing share the shareholders will receive one new right, which will entitle them to subscribe 1.5 new shares with 1.9 leva issue value apiece. Each shareholder will be able to subscribe at least one new share. The capital raise will be organized by Karoll investment intermediary.

The value of Advance Terrafund's land portfolio stood at 97.6 mln leva as at the end of May. Arable land accounted for 75% of the portfolio, while urban land made for the remaining 25%.

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