"As outlined in the ONE 2030 strategy, One United Properties plans to expand beyond its current residential segment focus of luxury, premium, and high-end developments and will accelerate the development of affordable premium residential, which targets Bucharest's middle class," One United said in a press release on Tuesday.
One United will issue 1,750,000,000 new shares with a nominal value of 0.2 lei each, as per the press release.
In a separate statement filed with the Bucharest Stock Exchange on Tuesday, the company said that prior to the new share issuance, its existing shareholders will receive a number of preference rights equal to the number of shares they own. The preference rights will be tradeable on the Bucharest bourse. Starting on August 6, the company's shareholders who owned shares before August 2 will have 32 days to subscribe for new shares based on preference rights. They must hold 2.1879186 preference rights to subscribe for one new share. Any shares not subscribed during the first stage of the capital increase will be used for a private placement during the second stage.
The company's co-founders and executive board members, Victor Capitanu and Andrei Diaconescu, along with board chairman Claudio Cisullo and board member Marius Diaconu already subscribed to receive 60% of the new shares which will be issued.
Last month, One United said it will increase its share capital by 6,240,640 lei ($1.36 million/1.25 million euro), in order to set off liquid and due receivables held against the company by the beneficiaries of its approved share allocation plans. These new shares are due to be distributed on June 27.
Also last month, One United Properties said that four of its shareholders - Liviu Holding Invest, Vinci VER Holding, Trust Group, and Altius - have placed 234,205,285 ONE shares, representing roughly a 6.2% stake in the company, to more than 60 local and international institutional investors.
Blue-chip One United's shares traded 0.11% lower at 0.869 lei as at 1454 CET on May 29 on the BVB.
