Great Interest in Ingra’s Capital Increase

The total value of expressed interest in participating in Ingra’s capital increase amounts to 120.9 million kuna, Ingra announced via the Zagreb Stock Exchange. Of this, 38 million kuna is interest for the conversion of debt from bonds, 40.42 million kuna relates to the conversion of debt from active tranches of commercial papers, and 42.48 million kuna pertains to receivables from business partners and cooperators on investment projects.

In Ingra’s announcement, it is emphasized that nearly 70 percent of the receivables subject to capital entry, or nearly 83 million kuna, relates to the reduction of short-term debt, which, as stated, will contribute to improving Ingra’s financial position and business stability. The General Assembly will decide on the increase of the share capital on December 22. The Management and Supervisory Board propose to the assembly a reduction of the share capital, followed by a capital increase by converting the claims of Ingra’s creditors into equity. According to the proposal of the Management and Supervisory Board, the share capital of Ingra would first be reduced at the assembly from 300 million kuna to 150 million kuna, whereby the share capital is reduced by transferring funds obtained from the reduction to capital reserves, without payment to shareholders. Then, the share capital would be increased from 150 million kuna to 450 million kuna, through the investment of rights and the issuance of new shares.

Thus, Ingra’s creditors would have the opportunity to exchange their receivables for an ownership stake. With these steps, Ingra aims to resolve part of its debts to suppliers, holders of commercial papers, and bondholders by the end of the year. According to data presented at a recent meeting of Ingra’s management with journalists, the value of Ingra’s bonds is 200 million kuna, securities 83 million kuna, and the receivables from suppliers that would be included in the capital increase amount to 53 million kuna.

If all creditors to whom Ingra’s offer relates accepted the offer and became new shareholders, they would hold two-thirds of the ownership stake, estimate Ingra. Ingra also announced a counterproposal from shareholder Danijel Režek, who proposes that the share capital be increased from 150 million kuna by an amount of 120.9 million kuna, to 270.9 million kuna, and Ingra would issue slightly more than six million new shares. This increase would be carried out by investing rights, i.e., by entering the claims of creditors against Ingra into the share capital, specifically naming 87 creditors. (H)