Swarzędz reveals shares plan to slash debts by more than zł.50 million

The combined value of the offers may amount to zł.50 million. The company's general shareholders' meeting, which is going to take place on July 29, is due to decide on diminishing the company's capital from zł.33.3 million to zł.6.7 million. This means that the share's nominal value would decrease from zł.2.5 to zł.0.5. The company wants to reduce the value of its shares because of their low market price. Then the company wants to increase its capital through the share issues. The first one will be directed to Swarzędz's current shareholders, the other one to the creditors of the bankrupt company Swarzędz Market. The firm is currently working on the issue prospectus, which is going to be submitted at the beginning of August, so that the first issue could take place in September. As a result of restructuring of its subsidiaries and issuing new shares, Swarzędz hopes to reduce the group's debt from zł.80 million to zł.30 million. (Parkiet, p. 50) A.F.