Miroslav Stoyanov: We Will Not Allow Oversubscription Such As In The Preceding IPO

Miroslav Stoyanov: We Will Not Allow Oversubscription Such As In The Preceding IPO

“We will not allow such oversubscription as there was in the preceding IPO,” said Miroslav Stoyanov, investment banking director in Elana Trading.

Elana Trading and United Bulgarian Bank are underwriters of Enemona JSC's IPO. The company will increase capital from 9.934 mln leva (5.079 mln euros) to 11.934 mln leva (6.102 mln euros) via offering of 2 mln shares with a face value of 1 lev. The IPO will be held under the book-building method, and the price per share will be between 11 leva and 16.80 leva.

In case of a successful subscription at the maximum price per share, the increase will be in the amount of 200.484 mln leva (102.505 mln euros) and the projected net proceeds will stand at 32.8 mln leva (16.770 mln euros).

The IPO will be held on one day (November 26) and the results will be announced on the following day.

“Payments shall start November 28 and will last 5 days, for the convenience of foreign investors,”Stoyanov explained.

He also mentioned possible dates for registration of the capital increase - with Sofia City Court - December 14, and with the Financial Supervision Commission - December 28. In his words, the stock exchange floating is planned for January 8, 2008.

The IPO proceeds will be used to finance Enemona's investment plans, which include:
-investment in projects on renewable energy sources;
-acquisition of assets;
-energy project “Lomski lignites” - research, development and attraction of strategic investors;
-refinancing part of the company's long-term liabilities with the aim of optimizing the credit portfolio and reduction of interest and currency risks.

Enemona Jsc expects net revenues from production sales to reach 112.819 mln leva (57.683 mln euros) in 2008, 171.876 mln leva (87.878 mln euros) in 2009, and 224.702 mln leva (114.88 mln euros) in 2010. net profit for the following three years is estimated at respectively 17.765 mln leva (9.083 mln euros), 21.978 mln leva (11.237 mln euros) and 24.022 mln leva (12.282 mln euros).

After the IPO Dichko Prokopiev will control 60.13% of the capital, and Global Capital will have 18.18%. The free-float will stand at 16.76% and around 4.93% will be in the hands of company managers.

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