The Extraordinary General Meeting was held Polimex-Mostostal on the share capital increase and the conversion of debt into share capital.
On November 12, 2013 the first part of the Extraordinary General Meeting (EGM) was held, which is an important element of the action plan agreed with the creditors of the company.
The Extraordinary General Meeting decided to increase the share capital through the issuance of not more than 133,393,702 of P-series shares, which will be covered in private placement by the offers directed by the board to selected creditors, particularly creditors who are parties to the agreement concluded with the company in December 2012 on the principles of financial debt. The issue price of the P-series shares will be determined by the board based on the reported conversion of the amounts due and the market average share prices of the period of 30 days.
The EGM also repealed Resolution No. 5 of the Extraordinary General Meeting of 15 October 2012 on the share capital increase with pre-emptive rights by issuing N2-series shares, offered at the rate of PLN 0.52 per share.
In addition, the shareholders have agreed to finalize the transaction of the sale by the company of an organized part of the enterprise, which is the Department of Steel Structures in Rudnik on the San.
The second part of the Extraordinary General Meeting took place on the 19th.
In view of the fact that not all of the Shareholders present at the meeting accepted the proposals of the resolutions submitted by the Board, the EGM has not made a decision on the following matters:
· the issue of, in order to convert the debt into shares, not more than 812,500,000 of registered subscription warrants to acquire Q-series shares, issued under the conditional share capital increase. were to be The creditors of the company who have expressed willingness to convert debts were to be entitled to subscribe for the warrants, particularly the creditors who have entered into with the agreement on the principles of financing debt of the company in December 2012.
· the issue of, in order to obtain additional funds, not more than 187,500,000 of registered 2-series shares warrants entitling to subscribe for R-series shares issued under the conditional share capital increase. were to Entities interested in the recapitalization of the company, selected by the Board and approved by the Supervisory Board were to be entitled to subscribe for 2-series shares warrants.
In connection with the adoption by the Shareholders at the EGM only part of the resolutions proposed by the Board, talks with the creditors will be continued in order to develop and agree on a modified scenario of conduct on the debt conversion and acquisition of funds by the company.