Brief: Braster EGM Resolves To Issue O Series Shares To Pay Overdue A Series Bond Obligations

Braster SA

03/03/2020 08:13

March 3 (Reuters) - Braster SA  BRAR.WA :
    * SAID ON MONDAY THE COMPANY HAS NOT PAYED INTEREST ON A
SERIES
BONDS NOR PARTIALLY REDEEMED THEM AS OF MARCH 1
    * A SERIES BONDS TO BE REDEEMED AMOUNT TO 1.02 MILLION
ZLOTYS
    * INABILITY TO REPAY RESULTS FROM THE NEED TO USE FUNDS AT
THE
COMPANY'S DISPOSAL FOR FINALISING RESEARCH AND DEVELOPMENT WORKS
AS WELL AS FOR COVERING THE COMPANY'S OBLIGATIONS UNDER CURRENT
OPERATIONS
    * EGM HAS RESOLVED TO RAISE SHARE CAPITAL THROUGH ISSUE OF O
SERIES SHARES AS WELL AS TO ISSUE NEW O SERIES SHARES WITHOUT
PREEMPTIVE RIGHTS
    * PROCEEDS FROM ISSUE OF O SERIES SHARES WILL BE USED AMONG
OTHER
THINGS TO COVER THE COMPANY'S CURRENT OPERATIONS AND REPAYMENT
OF A SERIES BONDS

    
 Source text for Eikon:  urn:newsml:reuters.com:*:nEMmKFk0a
    
 Further company coverage:  BRAR.WA  
   


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