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Plotinus to raise capital in private placement

The board of recently listed Hungarian asset management company Plotinus has decided to raise the company's registered capital by HUF 32 million in a private placement to HUF 103 million, the company announced.

They will offer 128,378 new ordinary series shares for subscription at HUF 1,575 per each HUF 250 nominal value share. The new shares could be subscribed by existing shareholders who could subscribe one share after every two shares they hold by March 30. Property developer Promix Property Ingatlanfejlesztő will be entitled to take over any unsusbcribed shares.

Plotinus floated its 256,756 ordinary shares with a nominal value of HUF 250 apiece on the BSE on February 15. It sold 110,000 treasury shares at an average price of HUF 1,539 per share on the same day, sold 23,000 treasury shares at an average price of HUF 1,636 the next day, and its remaining 10,192 treasury shares at an average price of 1,626 on February 17.on Thursday.

Plotinus said earlier it wanted to sell treasury shares on the bourse and, depending on investor demand, could raise capital in a public offering and/or private placement before the end of the year.

In addition to the ordinary shares to be floated, Plotinus has 26,739 voting preference shares and 200 dividend preference shares.

Plotinus had net assets of HUF 414m at the end of November 2010.