As announced, the company will continue to obtain funding by issuing bonds, and has also decided to launch a new programme of debt securities issues. BEST intends to obtain up to PLN 200 million in this way.
The programme envisages the issue of bonds of a total nominal value not exceeding PLN 200 million in one or more series. The bonds will be offered by way of a public offer and will be introduced to trading on the regulated market operated by Giełda Papierów Wartościowych w Warszawie S.A.
"The success of this year's public issues was a clear sign for us that investors want to invest their money in this way, and that for them BEST is a credible and desired partner in this process. Therefore, we have started preparations for the next programme. We believe that despite increasing competition on the debt securities market, the issues planned by us will find their purchasers. We are one of the oldest entities on the corporate bonds market, and have no difficulties in repaying our liabilities on this account. For example, in the previous month, we repaid PLN 39 million," Krzysztof Borusowski, President of BEST, said.
In relation to the programme's implementation, the Company has prepared a prospectus which will be submitted to the Polish Financial Supervisory Authority along with a request for its approval. Issues of individual bond series issued under the programme will take place during the prospectus validity period.
In 2014, a programme of public issues of bonds to the value of PLN 300 million was launched. Individual investors also took part in it. Seven issues were conducted under the programme. The last issue was conducted in May this year. All issues were introduced to trading on the Catalyst market.
BEST: Company Overview
BEST S.A. is a company that has been listed on the Warsaw Stock Exchange since 1997, specialising in the trading in and managing of non-performing debts. The BEST Group actively invests in debt portfolios (mainly bank portfolios) using securitisation funds; it also provides debt collection services on a commission basis to banks, telecoms, power sector companies and other providers of mass-market services.
BEST is also a shareholder of BEST TFI, which manages investment funds with total assets of PLN 984 million (as at 30 December 2015). With its combined expertise in debt collection and the creation and management of investment funds, BEST has been able to aggregate all components of the business model within a single capital group.
The total nominal value of own debt and debt of other entities managed by BEST is over PLN 10.6 billion (as at 30 December 2015). In 2015, the BEST Group generated a net profit of PLN 82.2 million with operating revenues of PLN 140.1 million.