The share capital increase will be operated by issuing 319.2 million shares, with a nominal value of RON0.1.
“Each holder of Preference Rights will be entitled to subscribe, with pre-emptive rights, in proportion to the number of Preference Rights held, for a number of new shares calculated according to the formula: Rights held x Subscription rate, rounded down to the nearest whole number. The subscription rate is 0.1887403. The shares will be subscribed without share premium. Preference rights will not be admitted to trading and will not be traded. The issue price for the new shares to be issued is RON0.10/share,” the report reads.
According to the report, “the share capital increase is based on the company’s need for development, by expanding production capacities at the toilet paper, cardboard and packaging mills, their refurbishment, as well as the engagement of new relevant projects, in line with the Group’s general development plan.”
Vrancart, with a market capitalization of RON274 million, is 76%-owned by Lion Capital, and 17.3% by Paval Holding. VNC shares have traded 21.1% higher so far in 2023, amid deals worth RON1.9 million, in line with stock market data.
The company posted RON342 million revenue in the first nine months of 2023, down from the RON410 million in the year-ago period, and its net profit went down slightly to RON8.8 million from RON9.1 million in the year-earlier period, as per its third quarter financial report.