Sofia Commerce – Pawn Shops AD issues 1.11m preferred shares (20.06.2016)


Sofia Commerce – Pawn Shops plans to issue 1.11m preferred shares with nominal value of BGN 1.00 and issue value of BGN 5.00 after the Financial Supervision Commission approves the Prospectus. This would allow the company to raise up to BGN 5.55m.

The new issue is a result of a decision made at the General Shareholders Meeting, which took place on 8th of April 2016 and at the Board of Directors meeting on 26th and 27th of April 2016. The issue comes after the maturity of the previous preferred shares with a guaranteed dividend over its 10-year period.

The Prospectus was filed with the Financial Supervision Commission on 3rd of May 2016 and approved on the 8th of June 2016 after a single set of corrections made on the 26th of May 2016. The project is managed by the leading Bulgarian boutique investment bank MANE Capital.

The issue would be considered successful if no less than 200,000 shares are subscribed, or 18% of the total shares offered.

The offering is managed by the investment intermediary DISL Security AD. The Prospectus, available at the websites of Sofia Commerce, DISL Security and BSE-Sofia, specifies that the current shareholders would be allowed to buy preferred shares equal to their current share in the company.

For every 2 rights, the shareholders or third parties, who acquired preemptive rights, are entitled to subscribe 1 preferred share. 1 preferred share is the minimum amount for subscription while the maximum is equal to the number of acquired preemptive rights, divided by 2.

The offering timetable along with the starting and ending dates for the rights subscription and the auction for the unexercised rights would be announced soon.

The issue with ISIN BG4000004169 is to be allowed to the main market segment of the Bulgarian Stock Exchange for which an application is already submitted.

At 2pm, the shares of Sofia Commerce – Pawn Shops dropped by 0.26% to BGN 3.92.


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