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Cognor Holding SACognor metals plans to issue up to 60 million shares
Listed metals firm Cognor intends to issue a total of up to 60 million shares, excluding the preemptive rights of existing shareholders. The decision on this matter will be made by the company's extraordinary general meeting convened for November 20, Cognor said in a market filing.
The planned offering includes up to 51,426,198 shares of issue no. 14 and up to 8,573,802 registered shares of issue no. 15.
The shares will be offered by Cognor through a private placement.
The share offering targets investors chosen by the management board after demand is assessed with investment firms.
The issue price of the new shares will be set by the management board based on the results of the book-building process.
Cognor assumes that the funds raised from the share issue will be used to improve the liquidity of the company's capital group and to develop its operations.
The management board plans to grant existing shareholders owning at least 0.2 percent of the company a right of first refusal to subscribe for the new shares.
With proceeds from the issue of up to 60 million shares, Cognor Holding wants to develop special steel production technology for defense companies and expand billet production capacity at its steelworks in Gliwice.
"We have completed a major five-year investment cycle, during which we allocated over PLN 1.5 billion to the construction and modernization of production capacity. Our competitors are only just about to make significant investments or are at the beginning of such investments, and these are very long-term processes – both in terms of developing the concept itself and its implementation – and capital-intensive, and therefore fraught with numerous risks," said Cognor CEO Przemyslaw Sztuczkowski.
pr/ nl/
