Miraculum greatly reduces share capital

One of Poland’s leading cosmetics companies, Miraculum, drastically reduced the price of its shares in order to re-capitalize, a report in the Polish press said on Tuesday. The company is issuing 13.5 million new shares at a reduced price of PLN 1.50 (the previous price was PLN 3.00). The company is said to be attempting to recover losses suffered earlier in 2016.  “At the moment, the company’s attempts to obtain funding from external sources and changes in the structure of (its) debt have not produced satisfactory results to ensure the healing of the financial situation of the company…in the current situation, changing the (company’s) debt structure by using equity is necessary,” said an explanatory memorandum. The shares are to be issued in a public offering which is scheduled for December 19, and carry no special constraints or privileges, according to the memo.  Miraculum, which produces and sells cosmetics, face and body products, perfumes and make-up under 11 brands, has a 20-year history in Poland.