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Oct 26, 2007 12:37 EEST
BUCHAREST (Romania), October 26 (SeeNews) – Romanian engineering company Prospectiuni plans to make a 25-for-1 share split and raise its capital by 17.98 million lei ($7.72 million/5.37 million euro) in preparation for moving its shares to the Bucharest Stock Exchange, the company said.
Prospectiuni stock is now listed on the third tier of the Romanian over-the-counter market RASDAQ.
The company plans to cut the nominal value of its shares to 0.1 lei from 2.5 lei each, which will increase their number to 539.3 million from 21.6 million, it said in a statement released late on Thursday.
After the share split, the company plans to raise its nominal capital by 17.98 million lei from 53.9 million lei now by offering a rights issue of 179.8 million new shares with at an issue price equal to their face value of 0.1 lei each. Shareholders on record as of December 19 will be able to buy one new share for each three they currently own.
Company shareholders are expected to vote on the proposals on December 4.
Prospectiuni's shares were last traded at 55.7 lei on October 22 on the RASDAQ, down 3.63%. They were suspended from trading on Friday in connection with the shareholders meeting announcement.
Romanian holding company Tender owns 71.66% of Prospectiuni, SIF Muntenia, one of Romania's five geographically-defined investment funds, has 11.86% and the balance is held by a number of small shareholders.
(1 euro= 3.3475 Romanian lei)
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