Consolidator Submitted Offer for Capital Increase of Dalekovod

The company Dalekovod reported today to the Zagreb Stock Exchange that at the beginning of the week it received a binding offer for the capital increase of Dalekovod from the company Consolidator d.o.o. in the total amount of 150 million kuna, and that the Supervisory Board of Dalekovod will discuss this offer at its meeting scheduled for Tuesday, May 21.

In Dalekovod’s announcements, it is stated that the company Consolidator d.o.o. is owned by Nexus Private Equity Partners d.o.o., which manages open investment funds of venture capital with a private offering. The offer, which is valid until July 15, is conditioned on the ‘prior cumulative fulfillment’ of two conditions – the finality of the Commercial Court’s decision approving the concluded pre-bankruptcy settlement and the holding of a General Assembly that would make several related decisions.

The attached offer states that the offer from Consolidator will be valid if the General Assembly adopts a decision on the simplified reduction of the share capital to cover accumulated losses by reducing the nominal amount of shares from one hundred to ten kuna. The Assembly should also accept a decision on increasing the share capital through contributions in rights, by entering the claims of creditors of the pre-bankruptcy settlement into the share capital up to a maximum amount of 9.2 million kuna, issuing 921,604 new shares with a nominal amount of 10 kuna and at a price of one hundred kuna per share, excluding the preemptive rights of existing shareholders.

Additionally, the Assembly should authorize the Management of Dalekovod to increase the share capital with cash contributions up to 60 million kuna within five years, by issuing new shares, as well as excluding the preemptive rights of shareholders who acquired shares in the previous increase of share capital. It is also a condition that the General Assembly adopts a decision on increasing the share capital with cash contributions from Consolidator in the amount of 150 million kuna and that the company Consolidator is released from the obligation to publish a public offer for the remaining shares of Dalekovod after the capital increase.

The General Assembly should also accept a decision on the recall of existing members of the Supervisory Board of Dalekovod, except for the member appointed as a representative of the workers by the workers’ council, which would take effect 60 days after the capital increase. The offer states, among other things, that Consolidator is determined in its intention to capitalize Dalekovod and that the company hopes that it will be completed as soon as possible so that Dalekovod can focus on achieving the business plan presented within the framework of the pre-bankruptcy settlement.