Following the capital increases of €6.1 million and €7.1 million that Orco Property Group SA announced on April 8 and 12, 2010 respectively, new investors have expressed their interest to participate in a third capital increase amounting to €3 million.
Therefore, on April 14, 2010, the board of directors approved and ratified a private placement of €3
million in the form of a reserved capital increase within its authorized capital in favor of Hillgrove Investments Group Limited for 300,000 shares and FINPLAT SA for 300,000 shares. The foregoing investors subscribed to the capital increase on April 13, 2010.
The shares are issued at a price of €5 per share out of which €0.9 per share corresponds to a share premium. The price reflects the fact that the new shares will remain in the form of registered shares until a prospectus is approved by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. In the meantime, the new shares will not be admitted for trading on Euronext Paris nor on the stock exchanges of Prague, Warsaw and Budapest.
The company commits to submit a prospectus to the CSSF in the coming weeks so that the new shares
can be admitted for trading on those different markets. The share capital of the company is thus increased to €57,620,850.60 represented by 14,053,866 shares without nominal value. This new capital increase demonstrates once again the investors continued confidence in the management and its restructuring plan. (BBJ Online)