Bulgaria's Smart Organic plans to move to BSE regulated market, raise cap

Smart Organic plans to move from BSE's BEAM growth market provided that the Financial Supervision Commission approves a prospectus for the admission to trading of the company's 10.31 million shares on the regulated market and enters the share issue into its register, the company said in a bourse filing.

The Sofia bourse's regulated market consists of the BSE main market and the BaSE alternative market.

The company also intends to issue up to 1.03 million new ordinary freely transferable shares of 1 lev in par value each, priced at 19 levs apiece. Equity owners will receive rights equal to the number of shares they hold in Smart Organic, allowing them to subscribe for shares from the capital increase, with each ten rights corresponding to one new share.

The capital increase will be considered successful if at least 500,000 new shares are subscribed and paid for. The company's current capital is divided into 10.31 million voting shares of 1 lev in par value each.

The proposals will be put to the vote at an extraordinary general meeting of shareholders on March 19.

In November 2021, Smart Organic raised close to 6 million levs in an initial public offering held on the BEAM market, which was oversubscribed nearly two times.

As of 1520 CET on Monday, shares in Smart Organic traded 7.21% lower at 19.30 levs on the BEAM growth market of the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)