FairPlay Properties Sells 5 Mln New Shares, Cap Raise Rendered Successful

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FairPlay Properties Sells 5 Mln New Shares, Cap Raise Rendered Successful

FairPlay Properties special purpose vehicle (SPV) () will raise its capital from 50.7 mln leva to 55.83 mln leva after the fourth consecutive public offering of shares in the company was completed successfully, the SPV said.

A total of 5.13 million shares with par and issue value 1 leva and 2.25 leva each, respectively, were subscribed and paid until the March 6 deadline. As a result, the company raised 11.53 mln leva. The figure accounts for 50.55% of the entire issue of 10.14 million shares offered by the company.

The proceedings from the issue have secured funding for FairPlay Properties' new projects, Manyu Moravenov, executive director of the SPV, said.

FairPlay Properties will distribute 0.14 dividend per share, including on the shares of the new issue. The company booked nearly 8.87 mln leva profit for distribution after its net profit marked a 13-fold year on year increase for 2007.

The stock depreciated by 1.79% on Monday after 693 shares in the company changed hands at an average price of 2.2 per share.

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