Vista Alegre in €17 million capital increase
Portuguese fine bone china and crystal glass manufacturer is to raise its capital by almost €17.2 million.
The historic company owned by Visabeira will issue over 21.7 million new shares and will also sell another 21.7 million shares that have already been issued and which belong to the principal shareholder Visabeira. The two actions will enable the company to float up to 25% of its capital on the stock-market.
The capital call is subject to all necessary authorisations and approvals and a meeting of the General Board on 12 October for shareholders to discuss the capital increase wit a view to increase the capital dispersion of the company and “leverage sources of financing for its business strategy” according to a communique from Vista Alegre published by the Portuguese market and securities authority the CMVM (Comissão do Mercado de Valores Mobiliários).
The new shares will be available for investors to buy as 25% of the company’s capital will be free-floated on the market “with the Visabeira group having a share of around 70% of direct shares and voting rights on Vista Alegre which will enable the “referred reinforcement of dispersement cresting a greater liquidity of shares, increasing the new shares potential attractiveness to potential new investors.”
The resulting cash will be used to “optimise sources of financing and enable the company to pay off some of its debts.”
The company will manage the operation through CaixaBI and Millennium Investment Banking. Vista Alegre presented profits of €4.04 million in the first half of 2018.