Capital 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:

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 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.