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Bulgaria's FairPlay Properties REIT opens cap hike procedure

Bulgaria's FairPlay Properties REIT opens cap hike procedure Author: FairPlay Properties REIT / All rights reserved.

SOFIA (Bulgaria), October 14 (SeeNews) - Bulgarian real estate investment trust (REIT) FairPlay Properties [BUL:FPP] launched a procedure for capital increase through the exercise of warrants.

FairPlay Properties REIT intends to offer to he holders of warrants up to 219,517,800 ordinary shares with voting rights of 1 lev in par value each, the REIT said in a bourse filing on Wednesday.

The process is open to investors who have acquired warrants no later than seven workdays after October 13. The offering will be considered successful regardless of the number of subscribed shares, the company said.

Earlier this year, FairPlay Properties said that it successfully increased its capital by 12.5 million levs ($7.4 million/6.4 million euro) to 45.6 million levs. As a result of the exercise of rights under a warrants issue investors subscribed and paid for 12,500,000 new ordinary shares from the company's capital increase, FairPlay Properties REIT said back then.

In August, the REIT said that it will invest the proceeds from its most recent capital increase for the acquisition of an office building in Sofia. The property is expected to generate annual revenues of 2.8 million levs, the company said at the time.

On Wednesday, shares in FairPlay Properties REIT closed flat at 0.074 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)