S & B ΒΙΟΜΗΧΑΝΙΚΑ ΟΡΥΚΤΑ Α.Ε.
S&B Industrial Minerals S.A. announces its intention to raise up to euro 40 million through a rights issue
S&B Industrial Minerals S.A. announces its intention to raise up to euro 40 million through a rights issue
The Board of Directors of S&B Industrial Minerals S.A. ("S&B", "the Company") decided today to propose to the Annual General Shareholders Meeting a Share Capital Increase for an amount of up to euro 40 million to be paid in cash, with a rights issue in favour of existing shareholders. The rights issue is subject to the respective decision of the Company's shareholders at the Annual General Meeting to be held on June 16, 2009. The funds raised will be used to strengthen the Company's balance sheet by further reducing its net debt.
The founding Kyriacopoulos family, as the controlling shareholder, has committed to participating in the rights issue at a level commensurate with its current holding in the company.
Efthimios Vidalis, CEO of S&B commented:
"The Board of Directors recommends this capital increase which aims to strengthen the company's capital structure in the current challenging economic environment. This recommendation reinforces and complements management?s emphasis on cash generation, and the continuing reduction of our cost base. Furthermore it provides flexibility to pursue potential growth opportunities".
The Board of Directors of S&B Industrial Minerals S.A. ("S&B", "the Company") decided today to propose to the Annual General Shareholders Meeting a Share Capital Increase for an amount of up to euro 40 million to be paid in cash, with a rights issue in favour of existing shareholders. The rights issue is subject to the respective decision of the Company's shareholders at the Annual General Meeting to be held on June 16, 2009. The funds raised will be used to strengthen the Company's balance sheet by further reducing its net debt.
The founding Kyriacopoulos family, as the controlling shareholder, has committed to participating in the rights issue at a level commensurate with its current holding in the company.
Efthimios Vidalis, CEO of S&B commented:
"The Board of Directors recommends this capital increase which aims to strengthen the company's capital structure in the current challenging economic environment. This recommendation reinforces and complements management?s emphasis on cash generation, and the continuing reduction of our cost base. Furthermore it provides flexibility to pursue potential growth opportunities".