The Polish claims market has been developing very dynamically in recent quarters, opening up promising growth prospects as more and more investors are placing their trust in our company. As of late, we have managed to find another major investor – the closed-end investment fund Quercus Multistrategy FIZ, which is managed by Quercus TFI, an investment fund company. It must be stressed that a share acquisition price of PLN 27.50 confirms BEST Group’s dynamic growth and continuous increase in its value. The proceeds from the issued shares will be used to purchase more claims portfolios and will positively affect our financial indicators, which should translate into better terms of bonds issue. Currently, the Company is implementing a public bonds issue programme, and we are planning to use our limit during the term of validity of the prospectus – said Krzysztof Borusowski, President of the Management Board of BEST S.A.
Since the beginning of the year, the Group has raised PLN 90 million from two public bond offers. Both offers of our debt securities were met with great interest by the investors. Under the current BEST Bonds Issue Programme, we can issue an additional PLN 60 million worth of bonds.
In 2016, BEST recorded the highest in history repayments under the managed claims portfolios and investments in new claims. Our Q1 2017 operating results show a continued growth trend, with Q1 repayments under the managed portfolios amounting to PLN 61.6 million and investments in portfolios rising to PLN 78.4 million, allowing BEST to acquire portfolios with a total nominal value of PLN 418.5 million (a 30% increase YOY, i.e. by nearly PLN 100 million).
The Management Board of BEST has been authorised by the General Meeting to issue 5 million shares as part of the authorised capital. To date, the Company has issued 2,053,609 shares (this includes the issue for Quercus Multistrategy FIZ) as part of that authorisation, which means that it can issue additional 2,946,391 shares by 29 March 2019. Every resolution of the Management Board on determining the issue price of shares, cancelling the shareholders’ pre-emptive right to shares and on acquiring shares in exchange for a contribution in kind must be approved by the Supervisory Board.
General information about BEST
BEST S.A. specialises in trading in and managing non-performing debts, and has been listed on the Warsaw Stock Exchange since 1997. BEST Group actively invests in debt portfolios (especially in bank debts) using securitisation funds, and provides debt collection services to third parties: banks, telecommunication and power companies as well as other providers of general services.
Combining competencies in debt collection, and creating and managing investment funds allowed us to concentrate all elements of our business model in a single capital group.
The total nominal value of own claims and third party claims managed by BEST is more than PLN 12.8 billion (as of 31 December 2016). In 2016, BEST Group generated a net profit of PLN 38.8 million, while its operating revenues amounted to PLN 210.3 million.
For more information, visit www.best.com.pl or contact us:
CC Group Sp. z o.o.
22 440 14 40, 605 959 539
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