GetBack approves new share issue

Troubled WSE-listed debt collector GetBack approved an issue of up to 50 million shares in a move to raise much-needed capital. “We want to conduct the issue as soon as possible,” acting CEO Kenneth William Maynard said, refraining from commenting on the possible price “The statement on the price were made by the previous CEO. I'm not making an announcement on the share price at this stage,” The sale price of these shares is not to be lower than the price of series F shares. The management board informed earlier that the issue price of series F shares will not be lower than PLN 10 apiece. Last month, the company’s EGM approved the issue of 20 million F-series shares in an ex-rights private placement. Previously GetBack said that it plans to raise PLN 300 million from the issue. The trading of the company’s stock on WSE has been suspended since Monday after the stock plummeted by 17 percent when PKO BP and Polish Development Fund denied that they are in negotiations to provide PLN 250 million in financing for the troubled company.