bgCapital Increase 2015
Public offering of new shares of ELANA AgroCredit
- Start of public offering – 23 March 2015
- Deadline for subscription of new shares – 7 April 2015
- New issue of 15 346 305 ordinary shares with a right to vote
- The capital is planned to increase from BGN 5 115 435 to BGN 20 461 740
- Nominal share price – BGN 1
- Issue share price – BGN 1.02
- Minimum shares to subscribe – 3 shares
- Public offering will be considered successful with the subscription of minimum 5 mln. shares
- Every share can have issued 1 right that allows subscription of 3 new shares
Legal background:
- On 20 June 2014 ELANA AgroCredit Board of Directors decided to increase capital via a public offering of new shares
- The prospectus for the public offering was approved by the regulatory body Financial Supervision Commission on 18 September 2014. An addition to the prospectus was approved on 5th February 2015.
Public offering schedule
| Stage | Datе |
|---|---|
| 1. Announcement for start of public offering on website | 13.03.2015 |
| 2. Announcement for start of public offering in the Commercial Register | 13.03.2015 |
| 3. Announcement for start of public offering in two dailies – Trud Daily and 24 Chasa Daily | 14.03.2015 |
| 4. Start date of share subscription. Start of trading on the Bulgarian Stock Exchange with the share rights | 23.03.2015 |
| 5. Closing share rights trading | 02.04.2015 |
| 6. Deadline for rights transfer. Deadline for subscription of shares by current shareholders and the ones who have acquired rights in trading. | 07.04.2015 |
| 7. Date of auction for unexercised stock rights | 16.04.2015 |
| 8. Deadline for subscription of shares acquired through the auction | 18.05.2015 |
| 9. Deadline for payment of subscribed shares | 18.05.2015 |
| 10. Expected date for submitting information to the Financial Supervision Commission and the Bulgarian Stock Exchange | 19.05.2015 |
| 11. Expected date of registration of capital increase in Commercial Register | 25.05.2015 |
| 12. Expected date of registration of capital increase at the Central Depository | 01.06.2015 |
| 13. Expected date of registration of capital increase at the Financial Supervision Commission | 09.06.2015 |
| 14. Expected date of registration of capital increase at the Bulgarian Stock Exchange | 23.06.2015 |
Activity Results:
Annual Financial Statement 2014
Equity research
Read equity research report on ELANA AgroCredit by ELANA Trading analysts
Highlights of ELANA AgroCredit achievements
- Annual dividend for shareholders BGN 0.0623 for 2014 Read more
- Annual financial statements 2014
Two successful years
BGN 12.9 mln. was invested in farmland purchases for financial leasing contracts of agricultural producers by 31 December 2014. The company started with the first leasing contract end of May 2013. ELANA AgroCredit has financed farmland deals for 1,800 ha in 20 regions of the country.
All payment installments have been collected at 100%, which proves once again the stable business model of the company – the purchased farmland within the leasing contracts is the very collateral that ensures no loss can be generated if the borrower stops paying. The crucial factors for successful implementation of the model are the competence for making the right choice of land and correct assessment of the borrower’s business.
Approx. EUR 9 mln. attracted for 2 years
ELANA AgroCredit was listed on the Bulgarian Stock Exchange in 2013 – the trading started 22 November 2013. The company raised BGN 4.4. mln. in an IPO, which is still considered one of the largest issues in the last 5 years. Therefore it was awarded The Best IPO in 2013 by the Bulgarian Stock Exchange.
In 2014 the company raised debt funding by an agreement with the European Bank for Reconstruction and Development (EBRD) for up to EUR 5 mln.to finance land purchases of farmers with leasing contracts. In the end of 2014 ELANA AgroCredit got a BGN 3 mln. loan from Societe Generale Expressbank.