March 24 (SeeNews) - Bulgarian real estate investment trust (REIT) FairPlay Properties [BUL:FPP] said that its board of directors decided to increase the company’s capital by issuing up to 74.09 million common shares.
The issue price of the new shares was set equal to their par value of 1.00 lev ($0.55/0.51 euro) apiece, the REIT said in a bourse filing on Thursday.
The new stock will be offered to REIT's warrant holders. If they do not exercise their rights now, they can subscribe for shares in future capital increases until warrants expire, FairPlay Properties said.
The company issued 98.1 million warrants in the summer of 2022, each allowing their owner to subscribe for one share per warrant in future capital hikes.
Following the most recent exercise of warrants, FairPlay Properties raised its capital to 73.05 million levs ($40.7 million/37.35 million euro) from 64.05 million levs in November.
According to data from the Bulgarian Stock Exchange, the number of unexercised warrants at FairPlay Properties stands at 74.09 million. Shares in the company last traded at 0.73 levs, bourse data showed.
(1 euro = 1.95583 levs)