Greek telco Forthnet has received the green light from shareholders to hold a rights issue of up to €30.2m (US$37.9m).
In a statement published yesterday, Forthnet gave details on the rights issue that was approved by shareholders last week. The…
Greek telco Forthnet has received the green light from shareholders to hold a rights issue of up to €30.2m (US$37.9m).
In a statement published yesterday, Forthnet gave details on the rights issue that was approved by shareholders last week. The company said it is committed to doing all it can to increase profitability and improve liquidity in the current macroeconomic climate.
Forthnet shareholders approved a number of changes to the company’s capital structure at last weeks extraordinary general meeting in addition to the rights issue,
which will see the share capital increased by up to €29.14m (US$36.6m) in cash, with preemption rights in favour of existing shareholders, and 97,144,575 new ordinary shares issued at a nominal value of €0.30 (US$0.38) per share. Existing shareholders will be allowed to apply for a maximum 15 shares for every two currently held.
The Athens Stock Exchange-listed company – which provides telecoms, broadband internet and subscription TV services – has three major shareholders. Forgendo – a JV between Maltese telco Go and Dubai-based Emirates International Telecommunications – has a 41.27% stake, Netherlands-based Cyrte Investments has a 25.41% stake and Greece’s Foundation for Research and Technology (Forth) has a 4.2% stake. The remainder is held by minority investors.
