Protan Bucuresti shareholders to conduct 4.86m-euro capital increase

Protan Bucuresti intends to increase its share capital by 18 million RON (4.86 million euros), to 22.67 million RON through a cash contribution by the shareholders and via the conversion of bonds into shares, according to a company announcement. The move targets the issuing of 7.2 million shares with a nominal value of 2.5 RON per share and a similar issue value. The shareholders and the creditors will be able to subscribe 3.46 million shares, with a value of 8.66 million RON. The majority shareholder will be able to subscribe shares up to a maximum of 5.02 million RON, corresponding to no more than 2.01 million shares, with the rest of the shares to be available for subscription for minority shareholders, in line with their preference rights. The proposed capital increase will be discussed by the company's shareholders on June 4th. The company posted revenues worth 41.6 million RON last year, a 45% increase on 2006, and saw a 54% increase in expenditures, which reached 33.46 million RON.