Orzel textile producer to get capital injection

MAG
opublikowano: 20-11-2008, 13:23

Warsaw (Puls Biznesu) – Today, shareholders of Orzel will decide to issue bonds and conduct reverse-split.

In line with what “PB” has already informed about, Orzel, a company from Lower Silesia will get a cash injections. Evip Progress, a consulting company, will invest PLN 4m (EUR 1m) in the producer of linen textiles. The company will buy 16m convertible bonds which today’s GSM will approve of. Then, Evip Progress wants to invest further PLN 1.6m in the company. In addition, the investor will pay PLN 800,000 till the end of 2009. Investor’s representatives will become members of the supervisory board.

Besides, today’s GSM will decide whether to conduct a reverse-split of Orzel shares. The management believe they are undervalued and should cost PLN 10, and not less than PLN 0.01.

“We would like to reverse-split 50-100 shares into one share”, Rafal Czuprynski, Orzel CEO said.

(PLN 1 = EUR 0.259)

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Podpis: MAG

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