Hanfa approved Uljanik’s issuance of 3.35 million shares

The Croatian Financial Services Supervisory Agency (Hanfa) has approved the prospectus for the Pula shipyard Uljanik regarding a public offering of up to 3,354,380 ordinary shares with a nominal value of 90 kuna per share, totaling a nominal value of up to 301,894,200 kuna, it was announced today by Hanfa.

The public offering of Uljanik shares was announced by the decision of the General Assembly of the shipyard, held on August 30, regarding the increase of share capital through cash contributions with a complete exclusion of the preemptive rights of existing shareholders in the subscription of new shares.

At that assembly, a decision was made to reduce Uljanik’s share capital to cover 454.4 million kuna in losses incurred by the company up to the end of 2011. Uljanik’s share capital was then reduced by 469.6 million kuna, to 201.2 million kuna, by reducing the nominal amount of shares from 300 to 90 kuna.

At the same time, it was decided to carry out an increase in share capital of up to 301.8 million kuna, by issuing 3.35 million new shares with a nominal amount of 90 kuna, which would be issued at a price ranging from 90 to 100 kuna.

According to the decision of Uljanik’s General Assembly, the increase will be carried out through a public offering of shares to institutional investors, with the condition that each investor subscribes and pays for at least five thousand new shares.

The final price of these shares will be determined by Uljanik’s Management Board, with the consent of the Supervisory Board, the day after the deadline for the subscription of new shares.

The government announced the privatization of Uljanik, through employee share ownership (ESOP) and recapitalization, in the second half of June when it presented a proposal for the privatization of Rijeka’s 3. Maj, which, as announced at the time, would be taken over by the privatized Uljanik.
According to earlier announcements from the government, shipping companies and economic cooperation funds would participate in Uljanik’s recapitalization, which will establish a special purpose company, and pension funds would also join them.