In the second quarter of 2016, after listing of its shares on Sofia Stock Exchange, Arco Real Estate Fund REIT undertook effort to increase its share capital by at least 5 million EUR.
During the presubscription trading period retail investors acquired 2,760,000 BGN (ca 1,415,000 EUR) worth subscription rights.
Since Arco REIT had itself set to the share capital increase a minimum threshold of 5 million EUR, and that threshold had not been met, then the fund manager decided not to proceed with the share capital increase process.
Arco Vara AS' CEO Tarmo Sild’s comment:
„We are disappointed with the results. On a more positive note, we are glad that there are retail investors who showed their interest towards Arco managed residential projects in Bulgaria. Hopefully we will find a way to do business with them. And, we also gave ourselves a promise never to raise capital again during or immediately after the Brexit vote.“
Evelin Kanter
Head of Legal Department
Arco Vara AS
Tel: +372 614 4594
evelin.kanter@arcovara.ee
http://www.arcorealestate.com