If the proposal is approved by company shareholders on April 27, the distribution of the newly issued shares will be made in proportion of 6 free shares for every 10 shares held.
The company’s current share capital stands at RON22.9 million.
Shareholders will also be called to approve the acquisition of 35% of shares in a Czech-based IT&C integrator Servodata for EUR1.4 million.
Bittnet also proposes an additional capital increase of RON2.8 million, allowing shareholders to opt for a RON0.1 cash dividend for every 10 shares held or to receive one free share for every 10 shares held. The purpose of the capital increase is to issue available shares so that the company can fulfill its obligations under the approved incentive plans.
For 2021, Bittnet targets a consolidated turnover of RON157 million and an operating profit of RON12.8 million, driven by earnings from companies that joined the group in 2020. Starting 2021, the education division consists of Bittnet Training, Equatorial Gaming, and The eLearning Company, while the technology division consists of Dendrio Solutions, Elian Solutions, and Softbinator Technologies.
In 2020, Bittnet reported RON108.6 million consolidated revenues and an operating profit of RON4.3 million, five times higher compared with 2019. The group posted a net profit of RON52,579 in 2020, compared with a loss of RON2.6 million in 2019.