New Mol shares to be floated on Monday
Shares of Hungarian oil and gas company Mol Nyrt with a combined face value of Ft 345 million, issued in a capital raise made after the redemption of convertible bonds, will be floated on the Budapest Stock Exchange (BÉT) on Monday, Mol said on the bourse's homepage on Friday.
Mol's board decided on the capital increase at a meeting on September 7. The raise was necessary to provide shares for convertible bonds held by Mol's management, the board said in a statement at the time.
After the raise, Mol's registered capital consisted of 109,329,797 series 'A' ordinary shares and 578 series 'C' ordinary shares. With regard to the conversion of 194 bonds, the board decided on the issuance of 345,126 series 'A' ordinary shares with an issue value of Ft 5,621 per share, the statement said.
The capital increase was made as part of the convertible bond program approved by an EGM held in September 2003. The approved incentive scheme links a significant part of the compensation of the members of the Board of Directors and senior managers to the development of the price of Mol shares on the stock exchange. Within the program, Mol issued a total of 1,200 convertible bonds with a par value of Ft 10 million each. Bondholders submitted 194 bonds for conversion and will receive 345,126 in return.
ADVERTISEMENT
Continental Dohányipari Revenue Nears HUF 64 bln in 2022
Parl't Approves Amendments to Legislation on Judiciary
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
