March 3, 2020 / 8:14 AM / a month ago

BRIEF-Braster EGM Resolves To Issue O Series Shares To Pay Overdue A Series Bond Obligations

March 3 (Reuters) - Braster SA:

* SAID ON MONDAY THE COMPANY HAS NOT PAYED INTEREST ON A SERIES BONDS NOR PARTIALLY REDEEMED THEM AS OF MARCH 1

* A SERIES BONDS TO BE REDEEMED AMOUNT TO 1.02 MILLION ZLOTYS

* INABILITY TO REPAY RESULTS FROM THE NEED TO USE FUNDS AT THE COMPANY’S DISPOSAL FOR FINALISING RESEARCH AND DEVELOPMENT WORKS AS WELL AS FOR COVERING THE COMPANY’S OBLIGATIONS UNDER CURRENT OPERATIONS

* EGM HAS RESOLVED TO RAISE SHARE CAPITAL THROUGH ISSUE OF O SERIES SHARES AS WELL AS TO ISSUE NEW O SERIES SHARES WITHOUT PREEMPTIVE RIGHTS

* PROCEEDS FROM ISSUE OF O SERIES SHARES WILL BE USED AMONG OTHER THINGS TO COVER THE COMPANY’S CURRENT OPERATIONS AND REPAYMENT OF A SERIES BONDS

Source text for Eikon:

Further company coverage: (Gdansk Newsroom)

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