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Polimex-Mostostal builder hopes to carry out new share issue in summer

TAG'S: POLIMEXMS, Construction

The troubled listed builder Polimex-Mostostal hopes to follow through with a new share issue in the summer, after setting terms of financial restructuring in April, deputy CEO Maciej Stanczuk told PAP.

 

- If everything goes well, it should happen in the holiday period, before September, Stanczuk said of the new share issue under preparation.  The process of preparing the new issue will take some more time, the deadlines do not depend only on us, as it`s also a matter of preparing an issue prospectus, filing it with the financial regulator KNF,he said.

Issue terms are yet being forged.

- We are at the stage of agreeing these matters with our owners, shareholders, as well as financial creditors, the official said.

Polimex wants to issue shares for its creditors as part of financial restructuring whose terms should be determined in April.

- Debt conversion is inevitable, Stanczuk said. - The burden of debt is too big for us to service today or in the future. I am an optimist [and believe] that we will be able to reach an agreement on the matter in the coming weeks. I hope that in April we will be able to agree the rules of financial restructuring of which the issue is a part of.

 

Polimex-Mostostal secured shareholders approval for a conditional issue of up to 430 mln Q-series shares which will be offered to the firm`s creditors mid-January. The issue price was set at PLN 0.3. Thanks to the issue the firm hopes to convert up to PLN 129 mln of debt into equity.

2014-03-28



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