March 8 (VoirNews) – Bulgarian real estate investment fund (REIT) Balkan and Sea Properties (BUL:BSP) announced that it would issue up to 3 million warrants at a price of 0.001 lev ($0.0006/0.0005 euro) each in an IPO.
The warrants will give their holders the right to subscribe for Balkan and Sea Properties shares at 21.50 levs each within five years as part of future capital increases, the company said in a statement published on Thursday.
The placement will be considered successful if at least 800,000 warrants are subscribed and paid.
Real Finance will act as investment intermediary for the proposed transaction, which is subject to approval by the Bulgarian financial regulator.
The share capital of Balkan and Sea Properties is currently divided into approximately 6.93 million shares with a par value of 1 lev each.
The company’s shares were last traded on February 28, when they closed at 23.00 levs on the Bulgarian Stock Exchange, according to exchange data.
(1 euro = 1.95583 levs)
