Bulgaria's Eleven Capital plans dual listing, term extension

Eleven Capital is proposing to its shareholders to list the company's shares on the German market and extend its term from January 2026 to indefinite, the venture capital firm said in a bourse filing last week.

Access to global investors through Eurobridge would enhance liquidity and provide better opportunities to raise capital for future initiatives, Eleven Capital said.

Additionally, Eleven Capital is seeking shareholder approval to distribute a dividend of 0.60 levs ($0.33/0.31 euro) per share for 2023, or 1.38 million levs out of its net profit reported for last year. The remaining 9.32 million levs of the net profit would be retained as undistributed earnings.

The proposals will be put to the vote at a general meeting of shareholders scheduled for June 25.

Last June, Eleven Capital's investors approved a gross dividend payout of 0.40 levs per share for 2022, or 920,611 levs in total, and extended the firm's term by two years, to January 2026, according to previously disclosed information.

Shares in Eleven Capital last traded on Thursday when they closed at 18.20 levs on the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)