March 29 (SeeNews) - Bulgarian investment firm Eleven Capital [BUL:11C] said that its management board decided to seek shareholder approval for a two-year extension to the initial five-year term of its articles of association.
The decision will be put to the shareholders' vote at the annual general meeting which is yet to be announced, Eleven Capital said in a bourse filing on Tuesday.
The investment firm was established for a five-year term which will expire on January 23, 2024. It became a publicly traded company in April 2020, after raising 2.1 million levs ($1.2 million/1.1 million euro) in an initial public offering. The company owns the portfolio of Bulgarian venture capital fund Eleven Ventures and has invested in 34 companies globally, including software firm Kanbanize and Bulgaria-founded cargo drone developer Dronamics. Earlier this month, the investment firm bought 23,139 shares in local IoT company MClimate.
In January, Eleven Capital reported that its net profit slumped to 1.7 million levs last year from 13.4 million levs in 2021, after a plunge in revenue. The company most recently paid out a gross dividend of 0.40 levs per share, or some 920,610 levs in total, for 2021.
Shares in Eleven Capital, which has a free float of 55%, have gained in value 8.95% in the past 12 months, bourse data showed. As at 1016 CET on Thursday, the stock traded 0.52% lower at 19.30 levs for a market capitalisation of close to 45 million levs.
(1 euro = 1.95583 levs)