Shareholders Croatia Airlines should decide at today’s extraordinary general assembly to increase the share capital by 296 million kuna, and this entire amount should be paid by the state, announced the national airline in the invitation for the assembly.
According to the invitation published on Tuesday on the Zagreb Stock Exchange, the share capital would increase from 627.9 to 923.9 million kuna, or by 296 million kuna, through the issuance of 29.6 million new ordinary shares with a nominal value of 10 kuna each.
The increase in share capital will be carried out based on an investment agreement concluded between the Republic of Croatia and Croatia Airlines, with a cash contribution and the issuance of new ordinary shares, the invitation states.
In accordance with the Capital Market Act, Croatia Airlines will carry out the issuance of shares using the exemption from the prospectus publication.
The subscription and payment for the new ordinary shares will be made with a cash contribution from the Republic of Croatia in the amount of 296 million kuna, the invitation states.
Based on the fully executed payment for each individual share, after registration in the court register, the corresponding number of ordinary shares will be issued, designated by SKDD, in the name of the shareholder, each with a nominal value of 10 kuna in non-materialized form.
According to the Companies Act, the statutory preemptive right to subscribe for new shares is entirely excluded for all existing shareholders who are shareholders on the day the decision on recapitalization is made, except for the Republic of Croatia, which will participate in the issuance as an investor, the invitation states.
Otherwise, the state holds 98.76 percent of the shares in Croatia Airlines.
