Exbus shareholders reject proposal to raise capital

In Hungary

Shareholders of bus maker Exbus Nyrt, formerly called Nabi Rt, rejected at a meeting on Thursday proposals for a capital raise and using the fresh cash to buy car parts companies, the company announced on the website of the Budapest Stock Exchange (BÉT).

Bakony Művek Rt, a member of the Bankár group and a maker of spare parts for cars, made a preliminary commitment on June 30 to subscribe new shares of Exbus at nominal value, if Exbus purchases a majority stake in at least one of its three loss-making units, also at nominal value. The stake Bakony Művek would subscribe in Exbus would be worth Ft 1.028 billion.
Shareholders representing 17.35% of voting rights were present at Thursday's extraordinary meeting, which was reconvened from July 18. At the July meeting, shareholders with 28.4% of voting rights voted almost unanimously to reject a proposal to wind up the company. NABI, pressed by debts, earlier agreed to sell its wholly-owned subsidiary NABI Inc, NABI Rt's business infrastructure, a plant in Kaposvár, as well as its contracts and name. According to earlier plans, NABI would have been wound up after the sale. At the same time they rejected the proposal to wind up the company, the shareholders authorized the board to buy up to 10% of the company's shares in the coming 18 months at 50%-112% of face value.
Although the proposal to raise Exbus's registered capital was also on the July meeting's agenda, discussion of the item was postponed until August 17 at the request of Tamás G. Korányi, who holds 14% of Exbus shares. Korányi said more time was needed to decide whether or not to use extra money to acquire units of auto parts companies.

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