Croatia's Varteks shareholders to vote on delisting

The company will pay to those who disagree with the proposal a compensation of 0.06 euro ($0.064) for each of their shares, Varteks said in a filing to the Zagreb bourse without elaborating on the reasons for the intended delisting.

The shareholders will also vote on 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 will total 301,601 euro, distributed in 28,889 shares.

Later on, the company’s capital will be increased by at least 100,007 euro and up 2.5 million euro by issuance of new shares. The number of new issued shares will be at least 9,579 and up to 239,464. The subscription price will be 10.44 euro per share.

New investors are interested in investing fresh capital in the company to allow for the normalisation of its operations, it added without elaborating.

Following the announcement, the company’s shares dropped 35.17% to 0.18 euro on Friday afternoon on the Zagreb bourse.

($=0.941 euro)