July 7 (SeeNews) - Bulgarian real estate investment trust (REIT) FairPlay Properties [BUL:FPP] said on Thursday that it has kicked off an initial public offering of warrants that will enable holders to take part in future capital increases.
The property investment trust is issuing roughly 98.1 million ordinary, transferrable warrants priced at 0.001 levs apiece, FairPlay Properties REIT said in a bourse filing.
Each rights holder may subscribe for warrants equal to the number of rights held multiplied by two, with current equity owners able to acquire the warrants free of charge. Within five years, investors can exchange the securities for the same amount of shares in the company at future capital increase transactions, FairPlay Properties REIT added.
In late 2021, FairPlay Properties REIT increased its capital by 3.4 million levs ($1.8 million/1.7 million euro) to a little over 49 million levs after investors exercised 3.4 million warrants acquired in exchange for the same number of shares.
The property investment trust has a market capitalisation of some 38 million levs.
Shares in FairPlay Properties REIT closed flat at 0.775 levs in the company's most recent trading session on Wednesday.
(1 euro = 1.95583 levs)