Próchnik aims to tackle development barrier with zł.5-10 million share issue

The proceeds would support the company's working capital. During the extraordinary shareholders meeting scheduled for October 25 the company hopes to lower its share capital from zł.20 million to zł.5 million by decreasing the nominal value of shares. "I cannot say anything more at this point. On Monday evening I will meet with the supervisory board and we will discuss details of the share issue," said Próchnik's president Jacek Pudło. He added that a lack of the working capital is the main obstacle to the company's development. Próchnik has very low revenues, but it has a heavy burden of liabilities. About zł.2 million would be designated for social insurance premiums while other funds would be directed at expanding the sales network. (Parkiet, p. 5) M.M.