The main shareholders of BEST S.A. have increased the company’s capital by PLN 36.5 M. The new share issue price reached PLN 26.78, which is almost twice as much as the current company share price on the Warsaw Stock Exchange.
BEST S.A. has issued 1.36 M of new class D shares with a par value of PLN 1 each and issue price of PLN 26.78 per share.New shares have been taken up by the largest shareholders: Krzysztof Borusowski and Marek Kucner, who are also the President and the Vice-President of the management board respectively. As a result of the new issue, BEST Group’s share capital calculated as at the end of 2015 inclusive of the new issue is PLN 320 M, which is 60% more than at the end of 2014.The capital increase was recorded on 30 March 2016.
“The issue of new shares means the whole Company is worth PLN 600 M. We believe that such a price well reflects the development potential of BEST S.A. As the main shareholders of BEST S.A., we consistently develop and wish to keep developing the company. Increasing the share capital of BEST S.A. is among the actions taken with a view to further market expansion, in particular for the purchase of new credit portfolios,” explains Krzysztof Borusowski, CEO and main shareholder of BEST S.A.
Increasing the company’s share capital, due to the funds obtained from the issue of class D shares, will reduce the debt ratios of the company and the whole BEST group. At the end of 2015, the net debt to equity ratio was 1.26. After re-calculation, the lower ratio should result in better terms for bond issues, the bonds being among the main sources for financing the development and reinforcement of the company's market position. BEST S.A. is planning to end the two-year issue programme worth PLN 300 M before June.So far debt securities of PLN 250 M have been subject to placement.
BEST: Company Overview
BEST S.A. is a company listed on the Warsaw Stock Exchange since 1997, specialising in trading in and managing of non-performing debt.The BEST Group actively invests in debt portfolios (especially banking ones) with the use of securitisation funds, and also provides debt collection services for third parties: banks, telecommunication operators, power companies, and other mass service providers.
BEST is also a shareholder of BEST TFI, which manages investment funds with total assets of PLN 984 million (as at 30 December 2015).The combination of expertise in the field of debt collection with that in the establishment and management of investment funds helps the entity to concentrate all elements of its business model within one capital group.
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