GTC to spend issue proceeds over 18 months

Property developer Globe Trade Centre (GTC) plans to spend proceeds from its upcoming share issue within 18 months from the offer’s completion, the company said in a draft EGM resolution published on Thursday. If the company does not manage to invest at least 90 percent of the proceeds over that time, it will carry out a share buy-back for the remaining amount. GTC has said earlier that it would like to conduct a rights issue of up to 140 million shares. The company will hold an EGM to approve the offer of October 13. The proposed issue price is at least PLN 5 per share.