Successful capital increase
19-08-2010
The deadline for subscribing and paying new shares from the capital increase of Intercapital Property Development ADSIC closed on 18-Agust-2010. We are happy to announce that a total of BGN 3.6 million have been received in the escrow account for the increase. This will make the capital increase procedure successful. First - because it will meet the formal requirements for a successful capital increase. But successful mainly because:
- ICPD managed to raise a significant amount of new capital - representing about one third of the total funds raised so far by the company from shareholders.
- This is the biggest share issue of a Bulgarian property company for the last years.
- The company managed to attract new investors - natural persons as well as 3 institutional investors from Poland.
- It proves investors - existing and new - are confident in the company business model, the value of our assets and the quality of our management team.
After the new shares are duly registered the company capital will total around 6.0 million shares, which will represent a market capitalization of about BGN 20.0 million, based on current share prices.
In parallel to the capital increase, ICPD carried out a procedure for the dual listing of the company shares on the Polish stock market in Warsaw. The shares are traded on the NewConnect market since Wednesday 11-August. The first days of trading show a significant increase in the liquidity of the shares in Poland as well as on BSE - Sofia. On the first trading session in Poland the share price reached PLN 8.14, representing a premium of 30% compared to the price in Sofia. In the following trading sessions the price receded to about PLN 7.00 per share, which is still a 15% premium.
We intend to continue to develop our properties and projects with the same goal - delivering optimal results to our shareholders. In addition, our capital market related plans for the next 12 months include a listing on the Main Market in Warsaw as well as a potential new public offering.
Legal basis: § 17 Section 4 of the Alternative Trading System Rules NewConnect
- ICPD managed to raise a significant amount of new capital - representing about one third of the total funds raised so far by the company from shareholders.
- This is the biggest share issue of a Bulgarian property company for the last years.
- The company managed to attract new investors - natural persons as well as 3 institutional investors from Poland.
- It proves investors - existing and new - are confident in the company business model, the value of our assets and the quality of our management team.
After the new shares are duly registered the company capital will total around 6.0 million shares, which will represent a market capitalization of about BGN 20.0 million, based on current share prices.
In parallel to the capital increase, ICPD carried out a procedure for the dual listing of the company shares on the Polish stock market in Warsaw. The shares are traded on the NewConnect market since Wednesday 11-August. The first days of trading show a significant increase in the liquidity of the shares in Poland as well as on BSE - Sofia. On the first trading session in Poland the share price reached PLN 8.14, representing a premium of 30% compared to the price in Sofia. In the following trading sessions the price receded to about PLN 7.00 per share, which is still a 15% premium.
We intend to continue to develop our properties and projects with the same goal - delivering optimal results to our shareholders. In addition, our capital market related plans for the next 12 months include a listing on the Main Market in Warsaw as well as a potential new public offering.
Legal basis: § 17 Section 4 of the Alternative Trading System Rules NewConnect
