June 1 (SeeNews) - Croatian hotel operator Liburnia Riviera Hoteli [ZSE:LRH-R-A] said that its shareholders rejected a proposal to hike its capital of 696 million kuna ($103 million/92 million euro) to up to 724.6 million kuna via a new share issue.
The shareholders representing local firm Nova Liburnija voted against the plan at a June 30 shareholders meeting, the company said in a statement with the Zagreb bourse on Tuesday.
The majority owner, Gitone Adriatic, backed the capital hike proposal.
According to July 1 bourse data, Zagreb-based Gitone Adriatic owns 71.23% of Liburnia Riviera Hoteli, followed by Nova Liburnija with 25%, while the remainder belongs to smaller shareholders.
Nova Liburnija is owned by the city of Opatija and the municipalities of Lovran, Moscenicka Draga and Matulji. The company said in early June that its owners would not support the capital hike plan over financial reasons, as their budgets have been hit by the coronavirus crisis.
Gitone Adriatic is a unit of Austria-based Gitone Beteiligungsverwaltungs, whose parent is Vienna-based Holster Privatstiftung.
Liburnia Riviera Hoteli intended to issue up to 12,390 new shares of 2,300 kuna in par value each, and to offer the new issue to all existing shareholders. The move would have been considered successful if at least 8,500 of the new shares are subscribed.
Liburnia Riviera Hoteli's current capital is divided into 302,641 regular shares of 2,300 kuna in par value each.
The company's shares last traded on the Zagreb bourse on May 22, closing down 7.89% at 3,500 kuna.
(1 euro = 7.5683 kuna)