At the beginning of October, the Board of Directors and NO Petrokemija were canceled because of the prevented members of the NO. At that session, consideration should be given to the adoption of a April 2019 Calendar To Print decision on the implementation of the procedure for increasing the share capital to investments in rights, money investments and establishing the rules for the allocation of new ordinary shares.
April 2019 Calendar To Print
Namely, Petrokemija’s shareholders made decisions on the coverage of last year’s loss at the General Assembly on July 9th, as well as the decision to increase the share capital to a maximum of 450 million kunas in cash and issuance of new shares .
In the General Assembly, decisions were made on covering the loss realized in 2017, on the increase of the share capital in the shares in the money and the issuance of new shares and the granting of shares to be authorized without the obligation to publish the takeover bid.
“This has created the conditions for the final process of realization of the company’s restructuring program and the legal framework for the recapitalization of Petrochemicals,” said the Mineral Fertilizer Producer. According to the Assembly’s decisions, Petrokemias’s core capital will first be increased by the stake in rights, from 42.9 HRK 492.9 million, or HRK 450 million.
This will be done by issuing new 45 million shares, nominating 10 kunas, and these new shares will be subscribed and paid by the State through the Center for Restructuring and Sales (CERP). The Mayor’s decision to buy 450 million kuna of Petrochemical’s claims on banks is the backbone of this. In accordance with this decision, Petrokemija’s Management Board has signed additional loan contracts from Erste & Steiermarkische banka, Croatian Postal Bank and Croatian Bank for Reconstruction and Development with a new lender – Republic of Croatia, in the total amount of HRK 450 million.
To cover the loss of Petrokemija in the amount of HRK 242.6 million, the Assembly also made a decision on a simplified reduction in share capital by merging shares from HRK 492.9 million to HRK 100.3 million. With the coverage of a loss of HRK 242.6 million, the remaining HRK 150 million of the decrease in share capital would have been entered into the capital reserve. After that, the share capital of HRK 100.3 million would be increased to a maximum of HRK 450 million, ie up to 550 , 3 million. This recapitalization would be carried out by cash payment, by issuing at least 40 million to a maximum of 45 million new ordinary shares of a single nominal value of 10 kunas.
As reported by Petrokemija, the purpose of recapitalization is to raise funds for investments that ensure and improve the production, restructuring and financing of liquid In May, Ina announced the intention to participate in the recapitalization of Petrokemija with a sum of 150 million kuna and announced that it will intend to show together with the First Gas Company (PPD). In September, the Agency for Competition April 2019 Calendar To Print (CET) allowed concentration by which Ina and PPD invested in the recapitalization of the Prison Company, and through a special purpose company Terra Mineral Fertilizers (TMG), indirectly gained joint control over the pruning company.