Impact Mulls RON100M 5-Year Convertible Bond

08.30.2013 By Bogdan Neagu

Romanian real estate company Impact Developer&Contractor (IMP.RO) might launch a 5-year convertible bond, aiming to attract 100 million lei (EUR22.5 million) to finance its current activity and investment plans.

Company shareholders will discuss the proposal, made by local businessman Adrian Andrici who owns 13.8% in Impact, in a general meeting on September 16.

The bond issue will not be guaranteed, according to the proposal.

Shareholders will also discuss a plan to cut the company’s share capital from RON197.8 million to RON19.7 million, to cover losses registered in the past three years.

The company’s main shareholder is businessman Gheorghe Iaciu, with a 38% stake, who is due to launch a takeover offer for the shares he does not own.

On the Bucharest stock exchange Friday, Impact shares closed down 1.66% at RON0.1952. (EUR1=RON4.4367)