Energoni AD to raise capital by up to BGN 1bn

Nov 1, 2011 - Bulgarian renewable energy investor Energoni AD is planning a capital hike of up to BGN 1 billion (USD713m/EUR 511m) through the issue of new shares, according to a statement published on the website of the Bulgarian Stock Exchange (BSE).
Shareholders took the decision at an extraordinary meeting convened on 28 October. They also decided to change the company statutes provided the increase is successful so as to reflect the newly amassed capital. Participation rights are reserved for shareholders registered in the Central Depository as of November 11, 2011.
Energoni is a BSE leader by market capitalisation with an estimated value of more than BGN 1.7 billion. However, it does no active business and its only asset is a patent for the construction of a wind power plant worth more than BGN 500 million. When the company raised its capital to BGN 547 million in 2010, the Financial Supervision Commission blocked trading in the new shares on the regulated market. However, the ban was repealed by the Supreme Administrative Court and since August of this year the securities are trading there. Meanwhile, the State Agency for National Security (SANS) was alerted several times after significant amounts changed hands through unregulated market transactions involving Energoni shares. To date, the results of SANS’ checks remain unknown.

(BGN 1=USD 0.713/EUR 0.511)

Company website: www.energoni.com

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