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Genesis Energy shareholders to decide on share issue

The board of Genesis Energy, a Hungarian company that is building solar panel plants in Hungary, Spain and Singapore, will ask shareholders for a year-long renewal of a mandate to raise as much as Ft 25 billion with a private placement of new shares.

The board will ask shareholders at an EGM on October 27 to issue as many as 5 million shares to be subscribed at the average closing price of the shares on the BSE in the previous six day or a maximum of Ft 5,000. The board could carry out the raise in as many as five steps.

The original mandate was dated September 24, 2007.

Genesis Energy had total assets of Ft 5.17 billion on June 30, 2008, 138% more than twelve months earlier, the company said in its H1 report published in August. Net assets climbed 140% to Ft 5.03 billion. (MTI – Econews)