Noval Property, a subsidiary of Viohalco, with a real estate portfolio worth 516 million euros, enters a phase of more intensive preparation for its listing on the Athens Stock Exchange with an increase in its share capital and the resignation of the old shareholders.
According to sources, the aim is to be listed on the Athens Stock Exchange by the end of 2023. The extraordinary general meeting of its shareholders decided, among other things, the issuance of a common, compulsory convertible bond loan into shares, up to 10.5 million euros.
The bond loan will be fully covered by the European Bank for Reconstruction and Development (EBRD), in order to finance the company’s projects. The conversion of the loan into shares will be done by listing the company on the stock exchange and in this way the EBRD will be one of its shareholders.
During the extraordinary general meeting, the increase in the nominal value of the company’s shares from 1 euro to 2.5 euro each was also approved, with a simultaneous reduction of the total number of shares from 268,667,910 to 107,467,164 by combining the old shares (reverse split 2.5:1).
Furthermore, it was decided to list all of its common, nominal voting shares on the main market of the Athens Stock Exchange. In this context, the Board of Directors were authorized to decide upon a share capital increase, by an amount that cannot exceed 33.3% of the paid-up share capital existing on the date of granting the authorization, i.e. up to 89.555 million euros.
