Ellactor – The amount of Share Capital Increase was exceeded by 2.2 times

Sources of the listed company speak of a successful outcome of the increase of the share capital of Ellactor.

According to the same sources, the amount of 120.5 million euros was exceeded by 2.2 times. 100% private funds participated in the process, company sources note.

They also emphasize that “this success proves the climate of confidence in the growth prospects of the company and the Greek economy and of course in the strategic planning of the new management of the group which aims to create significant added value for shareholders.”

It is recalled that out of the 120.5 million euros requested net income – after deducting expenses of 1.6 million euros – there was an amount to 118.9 million euros. Of this, 98.6 million euros will be allocated for the increase of the share capital of the 100% subsidiary AKTOR SA, within three months from the completion of the increase.

Of the 118.9m euros, the 50m-euro bond loan (raised on May 17th to cover short-term liabilities as interim financing) will also be repaid. The remaining amount of 48.6 million euros will cover liabilities for the exit of Aktor from activities in Australia, Brazil, England but also to cover liabilities to suppliers and subcontractors in the Greek market.

Another € 20 million of the capital increase will be allocated for the group’s forthcoming RES investments.

Finally, it should be noted that according to information, the court rejected the precautionary measures filed by Greenhill to exclude its participation in the last general meeting of shareholders.