May 15 (SeeNews) - Bulgarian real estate investment trust (REIT) Balkan and Sea Properties [BUL:BSP] said that its capital increase process launched in February was unsuccessful as none of the subscribed shares were paid for.
Balkan and Sea Properties attempted to raise its equity capital to 8.23 million levs ($4.58 million/4.21 million euro) from 6.93 million levs by issuing up to 1.3 million new shares at a price of 21.50 levs each, it said in a bourse filing on Friday.
In the process, some 1,299,999 new shares were subscribed but not paid for. The offering would have been considered successful if at least 800,000 shares were subscribed and paid for.
The company extended in March the share subscription deadline by 58 days, to May 12. Throughout the subscription period, there were no reported issues related to the trading of rights or subscription of shares.
The failed capital increase does not change Balkan and Sea Properties' investment plans, as the company intends to resume its search for optimal ways to finance its investment goals, it added.
Shares in Balkan and Sea Properties last traded on May 5 when they closed at 22.00 levs on the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)