0
On September 21, the Extraordinary General Meeting of Shareholders of PKM DUDA SA will vote on a resolution authorizing the Board to increase the share capital of the Company within the target capital.
The agenda of the meeting convened on 21 September 2011 Extraordinary General Meeting of PKM DUDA includes an item on the Board’s new mandate to increase the share capital within the target capital. The mandate, which validity was set for a period of 3 years from the date of the entry of appropriate changes in the Articles of Association in the register of entrepreneurs, which allows for the capital increase, by one or more increases through issuance of new shares with a value of not more than PLN 208,5 million. The authorization includes the power to issue warrants with the right of subscription for shares.
According to the draft resolution of the EGM, in the case of the public offering the Board will be able to deprive the shareholders of the subscription rights in whole or in part, but with the consent of the Supervisory Board.
"The Board has decided there is a need to accelerate the implementation of a strategic development of the Group, outlined in May 2010 - says Maciej Duda, the CEO of PKM DUDA SA - We want to enlarge the distribution as soon as possible, especially the processing segment, in order to enter the most profitable segments – he adds.
"Projects of an investment/ development character that the Board is focusing on require obtaining additional financing.Therefore the Board needs a necessary tool allowing for a prompt action in the face of the emergence of a business opportunity. - says Dariusz Formela, a member of the Board responsible for the implementation of the 2010-2012 Duda programme – Giving the Management the authority to increase the share capital with the possibility of deprivation of shareholders' preemptive rights, with the consent of the Supervisory Board, is intended to provide flexibility and save time of actions that aim to strengthen the PKM DUDA competitive position in the market and in the eyes of investors."
Polski Koncern Mięsny DUDA is the largest company in Poland in the red meat slaughtering and packaging industry (pork, beef, game). The Company controls and is the most important part of the capital group now made up of about 30 companies operating in the agricultural and food sectors all over Poland.
PKM DUDA
