Shareholders in Polimeri to Reverse Capital Increase Decision

Shareholders in Polimeri to Reverse Capital Increase Decision

At a general meeting on June 30 shareholders in Polimeri () will vote a proposal to cancel a decision of the Board of Directors dated February 28 to increase capital, the Bulgarian Stock Exchange announces.

As you know the Financial Supervision Commission did not approve the company's prospectus. Polimeri was planning to hike capital from 5.32 mln leva (2.7 mln euros) to 55.32 mln leva (28.2 mln euros).

According to the prospectus, the company was to issue 50 million new shares with a face and issuing value of 1 lev. The plan also included the issuing of one right entitling to the subscription of 9.39 new shares to each existing share.

The FSC stated that the significant difference between the issuing value of the new shares and the balanced value of existing shares prior to the increase is unfair to shareholders. This was the main reason why the prospectus was not given green light.

It emerged today that Polimeri records a loss of 1.52 mln leva in Q1, against a positive result in the amount of 535,000 a year ago.

The stock is currently up 5.5% to 5.76 leva on BSE. Some 23,086 shares have changed hands so far this morning.

At the photo: Nikolay Banev, Supervisory Board member

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