Croatia's Varteks shareholders approve delisting

Those who disagree with the proposal will receive a compensation of 0.06 euro ($0.065) for each of their shares, Varteks said in a filing to the Zagreb bourse, without elaborating on the reason for the delisting.

The shareholders also approved a proposal to cut the company’s capital of 6.67 million euro by 6.36 million euro in order to cover losses from earlier years. Following the capital cut, the company’s capital totals 301,601 euro.

Later on, the company plans to increase its capital by at least 100,007 euro and up to 2.5 million euro through the issuance of new shares. The number of newly issued shares will range from at least 9,579 to up to 239,464, with a subscription price of 10.44 euro per share.

Following the announcements about the delisting, capital reduction, and capital increase, the stock exchange placed its shares in the monitoring segment.

Shares in Varteks traded 11.11% lower at 0.16 euro on Tuesday afternoon on the Zagreb bourse.

($ = 0.921 euro)