February 6 (SeeNews) - Bulgarian agriculture company Far [BUL:5AF] said that its capital increase attempt failed as investors did not subscribe for any of the 2.5 million offered shares by the January 30 deadline.
Far did not provide further details it its statement, published earlier this week.
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The procedure was launched in early December 2019, with Far seeking to raise up to 7.5 million levs ($4.2 million/3.8 million euro) by offering the shares at a price of 3 levs apiece.
Far shares last traded on the Bulgarian Stock Exchange at a price of 4 levs.
Also this week, the company said that it is seeking the approval of its shareholders to lower its capital to 1.25 million levs from 2.5 million levs in order to cover accumulated losses.
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. 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.
(1 euro = 1.95583 levs)