(story to be published in tomorrow's issue, March 10)
Welding consumables manufacturer Ductil Buzau on Wednesday announced it would start the second phase of the company's capital increase opened at the end of last year. Ductil offers for sale a number of 4.65 million shares, representing a little over 15 percent of the total of shares issued for the capital increase. The selling method chosen by the Buzau-based company is the best execution, the selling price being 1,050 lei/share, 50 lei more than the price of shares offered during the pre-emptive right period. The total value of the stake offered for sale is 4.89 billion lei. In case these shares will be subscribed as well, Ductil capital might practically increase by 31.17 billion lei, to 77.23 billion lei. Ductil capital increase was decided by the General Assembly of Shareholders on December 2, 1999, and the period over which shareholders registered before December 24, 2999 had the possibility to exercise their preemptive right ended on January 24. The selling offer develops on Rasdaq market between March 13 - March 19 and is mediated by Rombell Securities company. "I think that most investors will prefer to buy from the offer rather than from the market over the following period of time, taking into account the fact that these shares are traded at an average price of about 1,500 lei/share and the offer includes a price of 1,050 lei/share. However, some unpleasant surprises are not excluded. What will happen during the actual development of the offer is still to be seen," Valentin Militaru, a trader with Rombell Securities, told Ziarul Financiar. Ductil has a share capital of 46.06 billion lei divided into shares with a nominal value of 1,000 lei. After the closing of the first phase of the capital increase through the pre-emptive right of the company's shareholders, subscribed capital of the company amounted to 72.34 billion lei, shows the company in the release. The significant shareholders of the company include, according to the synthetic structure of the register consolidated on January 12, the Italian company FRO SRL (which in the second half of last year purchased the main stake of 67.42 percent from the State Ownership Fund) and Broadhurst Investments Ltd with a stake of 10.25 percent in the company's capital. The rest of shares are divided among small shareholders. Over the first half of last year, the company registered losses of 7.20 billion lei against revenues amounting to 48.27 billion lei and expenses of 494 billion lei. The company operates in the metallurgic industry, producing and trading welding consumables. Ductil shares have been traded on Rasdaq market since November 18, 1996, the reference price registered by the shares during Wednesday's trading sessions being 1,465 lei/share.
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