February 4 (SeeNews) - Bulgarian agriculture company Far [BUL:5AF] said on Tuesday that it is seeking the approval of its shareholders to lower its capital to 1.25 million levs ($706,000/639,000 euro) from 2.5 million levs.
Far intends to carry out a reverse stock split, lowering the number of its outstanding shares to 1.25 million from 2.5 million, and increasing their nominal value to 2 levs from 1 lev, it said in an invitation for a shareholders meeting.
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Subsequently, Far is planning to lower the nominal value of its shares from 2 levs to 1 lev, halving its registered capital to 1.25 million levs.
Far shareholders will vote on the proposal at a general meeting scheduled for March 15.
The company closed 2019 with a net loss of 1.23 million levs, as its revenue fell to 791,000 levs from 2.05 million levs in 2018.
In December, Far launched a capital increase, seeking to raise up to 7.5 million levs by offering 2.5 million shares at a price of 3 levs apiece. The company subsequently extended the subscription deadline to January 30. The capital increase will be considered successful if at least 250,000 shares are subscribed for and paid for.
Far has not yet announced the outcome of the procedure.
(1 euro = 1.99583 levs)