Registration of the capital increase
10-09-2010
Intercapital Property Development ADSIC, a company incorporated and conducting business in the Republic of Bulgaria, registered with the Commercial Registry by the Bulgarian Registration Agency under number EIK 131397743, having its seat and registered address in Sofia, 7a Aksakov Street, floor 4 (hereinafter referred to as "ICPD") is glad to announce that the Bulgarian Financial Supervision Commission has taken a decision to register the newly issued shares of the Company. The number of newly issued shares is 1,187,849 as part of a procedure to increase the capital of the Company from 4,823,627 shares. Thus, the total number of shares of ICPD shall now become 6,011,476 ordinary, registered, book entry shares giving the right to one vote each.
The Company has applied for subsequent admission to trading of the newly issued shares at Bulgarian Stock Exchange - Sofia and intends to do the same regarding the NewConnect market in Warsaw.
In August 2010 ICPD became the first Bulgarian company to be listed on a stock market outside of Bulgaria, and also the first Bulgarian company listed in a market organized by Warsaw Stock Exchange.
Through the capital increase procedure carried out in parallel with the dual listing of the Company shares in Warsaw, ICPD raised BGN 3.56 M (EUR 1.82 M, PLN 7.32 M). Although short of the initial targets of the Company, we are proud that a substantial amount of capital was raised in such difficult market conditions.
The amount raised falls short of the total funds needed to complete the Borovets Grand project which was our main target. We are now exploring the possibilities for partial completion of the building and at the same time we have started talks with potential buyers of the project as a whole in its present stage of completion.
We have started negotiations regarding the expansion of our Marina Cape project by the acquisition of land plots adjacent to the existing Complex.
Our plans regarding capital markets for the next 12 months include:
- applying for listing on the Main Market on Warsaw Stock Exchange;
- preparing another capital increase procedure, which is to be carried out in more favorable market conditions.
ICPD is a Bulgarian property development company with two main projects both in Bulgaria - the Marina Cape Vacation Complex in the Bourgas region and the Borovets Grand project in Borovets, Sofia region.
Legal basis at the bottom of the report: § 17 Section 4 of the Alternative Trading System Rules NewConnect.
The Company has applied for subsequent admission to trading of the newly issued shares at Bulgarian Stock Exchange - Sofia and intends to do the same regarding the NewConnect market in Warsaw.
In August 2010 ICPD became the first Bulgarian company to be listed on a stock market outside of Bulgaria, and also the first Bulgarian company listed in a market organized by Warsaw Stock Exchange.
Through the capital increase procedure carried out in parallel with the dual listing of the Company shares in Warsaw, ICPD raised BGN 3.56 M (EUR 1.82 M, PLN 7.32 M). Although short of the initial targets of the Company, we are proud that a substantial amount of capital was raised in such difficult market conditions.
The amount raised falls short of the total funds needed to complete the Borovets Grand project which was our main target. We are now exploring the possibilities for partial completion of the building and at the same time we have started talks with potential buyers of the project as a whole in its present stage of completion.
We have started negotiations regarding the expansion of our Marina Cape project by the acquisition of land plots adjacent to the existing Complex.
Our plans regarding capital markets for the next 12 months include:
- applying for listing on the Main Market on Warsaw Stock Exchange;
- preparing another capital increase procedure, which is to be carried out in more favorable market conditions.
ICPD is a Bulgarian property development company with two main projects both in Bulgaria - the Marina Cape Vacation Complex in the Bourgas region and the Borovets Grand project in Borovets, Sofia region.
Legal basis at the bottom of the report: § 17 Section 4 of the Alternative Trading System Rules NewConnect.
