Bulgaria's Premium Property Invest to hike cap via warrants exercise

The shares will be offered to the company's warrant holders at an issue price of 1.10 levs ($0.60/0.56 euro) apiece, with a par value of 1 lev each, Premium Property Invest said in a bourse filing on Friday.

If warrant holders do not exercise their rights now, they can subscribe for shares in future capital increases until their warrants expire, the company said.

Focal Point Investments will act as investment intermediary on the transaction.

Premium Property Invest, formerly known as Green Industry Properties, issued last July a total of 44.2 million freely transferrable warrants, each giving their owner the right to subscribe for one company share at a price of 1.10 levs in a future capital increase within five years.

The company last raised its capital in September, to some 3 million levs from 1.3 million levs, after issuing 1.74 million shares in an exercise of warrants.

Shares in Premium Property Invest last traded at 0.99 levs on the BaSE market of the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)