The capital raise will entail the issuance of 159.74 million shares at a face value of RON2.66 per share.
The raise will be performed in two stages, the first of which will last a month and will allow existing shareholders to exercise their preference rights on the new shares. The second stage will last five working days and will target shares left unsubscribed from the first.
Shares left unsubscribed in the end will be annulled.
In February 2014, Romania’s financial authority placed Astra under special administration, suspended shareholders’ voting rights and appointed KPMG as special administrator. Astra was required to raise its share capital by RON490 million in the next 12 months.
The company raised its capital by RON65.1 million in October 2014, to RON257.8 million. Its capital is held by The Nova Group Investments Romania SA – 72.75% and Epsilon Estate Provider SRL- 27.01%, while several individuals and legal entities own a total of 0.23%.
The Nova Group Investments Romania and Epsilon Estate Provider are controlled by businessman Dan Adamescu.
Astra Asigurari is the third largest insurance company in Romania, after Allianz-Tiriac and Omniasig. It had underwritings of RON777.24 million in 2014.