Coverage of high-potential mid-market firms in Poland

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Rafako to raise huge capital in SPO

Listed power engineering firm Rafako will ask shareholders to approve issuance of up to 42.5 mln new shares in an SPO designed to draw up to PLN 150 to 180 mln, draft resolutions for a August 29 EGM show.

 

Management hopes to garner PLN 150 to 180 mln in the issue, management said in a justification to the resolutions.

 

"Funds from the issue will be used to realize the growth strategy of the firm, for further investments in R&D and increased competitiveness both on the domestic and foreign markets," management said.

 

Management will be empowered to set the terms and pricing of the issue, the proposed resolution shows.

 

Rafako currently has 84,931,998 shares issued, rendering a 33% dilution on a full sale.

 

Rafako's leading shareholder, troubled builder PBG, will support the motion, PBG said in a separate filing.

 

PBG would mull selling its drawing rights to an unspecified investor, but will seek to establish the right to name a majority of supervisory board members as long as it preserves a 33% stake in Rafako. The sale is subject to approval by PBG's bondholders.

2017-07-27



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