Novabase to complete capital increase in November

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Novabase will complete a capital increase and reduction by November 24, valuing shares at €1.74.

In a statement sent to the Portuguese securities commission, CMVM, the group has indicated that: “following a statement sent to the market on 25 October, Novabase informs that on the 26 November 2019” it will complete some operations with the Central Securities Depository to complete the initiative.
These operations involve a “reduction and increase in share capital in accordance with a decision taken at the Extraordinary General Assembly meeting of 26 September 2019 and published to the market.”
“As a result of these operations, the nominal value of all the shares representing the capital of Novabase is €1.74.”
Novabase is a Portuguese IT company established in 1989. Novabase is active in the provision of information technology solutions for the financial services, government, healthcare, energy & utilities and aerospace sectors. The company organises its activities into three business lines: business solutions, infrastructures & managed services, and venture capital. In 2012, its turnover was €212 million, and the company employed over 2000 in 2012.
The company will also proceed with “the payment of amounts corresponding to the capital released as a result of the capital reduction” with a gross share amount of €0.14.
“From 22 November 2019 (inclusive) the shares which are representative of the share capital of Novabase will be transacted on the market with a new nominal value of €1.74 and without conferring the right to the payment referred”.
On 25 October, Novabase announced that it has proceeded to register operations for capital reductions and increases. The operation, also known as a harmonious reinvestment of cashflow operation consists in a reduction of the company’s share capital from €15,700,697 to €11,304,501.84, with a view to “offloading excess capital,” and an increase in the share capital to €54,638,425.56 by incorporating the sum of €43,333,923.72 of the share issuance premiums, by way of increasing the nominal value of all the shares representative of the share capital from €0.36 to €1.74.
“As a result of registering these operations, the social capital of Novabase will become €54,638,425.56 and the nominal value of all these shares representing the social capital of Novabase will now be set at €1.74” says the group.