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.