Arena.pl to issue new shares. Mulls move to WSE main market

Shareholders of listed on the small-cap, alternative market NewConnect Arena.pl agreed to increase the share capital by issuing 200,000 series H shares at PLN 0.5 apiece with the exclusion of pre-emptive rights and listing these shares on NewConnect or the regulated Warsaw Stock Exchange market, the company said. By decision of the shareholders' meeting, resolutions were also adopted determining the transfer of the company's shares to the alternative or regulated market of the Warsaw Stock Exchange. “The capital increase will enable us to efficiently obtain financial resources supporting investment processes in the company. We intend to increase the Arena's capital from the planned issue,” said the company’s vice president Sławomir Kubicki said. The company explained that the resolution indicated that the shares will not be privileged, and it is up to the management of the company to determine their final issue price. The funds obtained from the issue will be entirely allocated to the operating activity of the company.