New capital increase under the agreement signed with Yorkville
22 september 2014.- The Board of Directors of Ercros, on 17rd of September 2014, has resolved to carry out a new capital increase under the agreement signed, on the 9th of March 2012 and ammended on 8th of May 2013, with YA Global Dutch, B.V. (the "Fund"), an affiliate of a mutual fund managed by an American company, Yorkville Advisors, LLC. The details of this agreement and its subsequent ammendement are included in the Relevant Facts sent to the Spanish National Securities Market Commission (CNMV), bearing reference number 160,119 and 187,214.
The purpose of this agreement is to launch a capital increase process, by which the Fund commits to subscribe the shares issued by the Company, for a maximum amount of EUR 25 millions (value and share premium) for a period of five years. The maximum volume of each individual capital increase is fixed on EUR 400,000, although there is a possibility that, in moments of great trading stock, by agreement between the parties, this ceiling can be raised.
Pursuant to the provisions in said agreement, the capital increase, which is to take place without any pre-emptive stock rights applying, shall be fully subscribed by the Fund, the acceptance of which was formalized last friday, 19th of September.
The total amount of this increase is 599,998.59 euros and it is taking place via the issue of 1,234,565 shares with a nominal value of 0.30, with a share premium of 0.186 euros/share, representing an issue price of 0.486 euros/share.
In order to set this issue price, which is backed by a favourable report by the independent auditor designated by the Barcelona Mercantile Registry, the Board of Directors used as reference the volume weighted average price of the Ercros' share on the last quarter.
The new shares that are to be issued represent 1.112% of the shares currently outstanding. After this operation, the share capital of Ercros will amount to 33,685,077.30 euros and it will be represented by 112,283,591 shares.
Download document
The purpose of this agreement is to launch a capital increase process, by which the Fund commits to subscribe the shares issued by the Company, for a maximum amount of EUR 25 millions (value and share premium) for a period of five years. The maximum volume of each individual capital increase is fixed on EUR 400,000, although there is a possibility that, in moments of great trading stock, by agreement between the parties, this ceiling can be raised.
Pursuant to the provisions in said agreement, the capital increase, which is to take place without any pre-emptive stock rights applying, shall be fully subscribed by the Fund, the acceptance of which was formalized last friday, 19th of September.
The total amount of this increase is 599,998.59 euros and it is taking place via the issue of 1,234,565 shares with a nominal value of 0.30, with a share premium of 0.186 euros/share, representing an issue price of 0.486 euros/share.
In order to set this issue price, which is backed by a favourable report by the independent auditor designated by the Barcelona Mercantile Registry, the Board of Directors used as reference the volume weighted average price of the Ercros' share on the last quarter.
The new shares that are to be issued represent 1.112% of the shares currently outstanding. After this operation, the share capital of Ercros will amount to 33,685,077.30 euros and it will be represented by 112,283,591 shares.
Download documentErcros guarantees that the relevant facts contained on this page correspond exactly to those sent by the Company to the CNMV, and disseminated by it to the market. The facts prior to those included in this section are available on the CNMV website.