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Altera shareholders authorize max. 20-fold capital raise

An extraordinary general meeting at Altera Wealth Management Plc. has made a decision about a possible increase in the founding capital of the corporation, so that its Board of Directors may carry out a maximum twentyfold increase in subscribed capital at the Budapest Stock Exchange-listed asset management firm.

Altera held its EGM on Monday after new leadership took over the management of the company following a change in ownership at the end of last year, according to a press release received by the Budapest Business Journal. Shareholders authorized the Board of Directors to carry out a maximum twenty-fold increase in Altera’s present subscribed capital of HUF 344 million to HUF 6.9 billion.

Based on this authorization, the accounting par value of the ordinary shares to be issued in the course of the capital stock increase will be determined by the Board of Directors based on the average exchange price weighted against the turnover of a specified earlier period, the press release noted.

CEO Zoltán Prutkay said that the results of decisions made at the companyʼs general meeting in November last year were already becoming evident, as one of the main objectives was to increase the liquidity of the company’s shares on the Budapest Stock Exchange. The par value per share decreased from HUF 1,000 to HUF 100 in December, while the number of shares saw a tenfold increase; in addition, stock exchange data so far indicate that turnover related to Altera’s shares has increased together with liquidity.

Prutkay pointed out that the transformation of Altera is not yet complete, and the company’s mid and long-term strategy is still being developed.

Altera Wealth Management Plc. is listed on the Budapest Stock Exchange in the Standard category. Since its foundation in 2012 and stock exchange listing in 2013, it has been working in asset management, focusing on investments in the real economy, including the purchase of shares in companies it deems promising both in terms of growth and profitability, in addition to real estate investments, the press release noted.

The main objective, the release added, is for Altera to operate as an asset management company that represents a traditional, conservative business policy and readily definable asset-based values through the continuous expansion of its investment portfolio.