Brief: British Automotive Holding To Raise Its Units' Share Capital, Conduct Disinvestment

British Automotive Holding w Upadlosci SA

18/05/2020 08:46

May 18 (Reuters) - British Automotive Holding SA  BAHP.WA 
    * SAID ON SATURDAY THAT IT HAS RESOLVED TO RAISE SHARE
CAPITAL IN
SIX OF ITS UNITS: BRITISH AUTOMOTIVE CENTRUM, BRITISH AUTOMOTIVE
GDANSK, BRITISH AUTOMOTIVE LODZ, BRITISH AUTOMOTIVE SILESIA AND
BRITISH MOTOR CLUB     
    * UNDER CAPITAL INCREASE, THE COMPANY'S UNIT BRITISH
AUTOMOTIVE
POLSKA WILL ACQUIRE ALL NEWLY ISSUED SHARES IN UNITS 
    * THE COMPANY WILL MAKE CONTRIBUTION IN KIND TO THE RAISED
CAPITALS OF UNITS IN TOTAL AMOUNT OF 60.3 MILLION ZLOTYS AND EUR
1.8 MILLION
    * THE DECISION TO RAISE UNITS' CAPITALS RESULTS FROM A
DIFFICULT
FINANCIAL SITUATION OF THE UNITS IN CONNECTION WITH THE SPREAD
OF THE COVID-19 EPIDEMIC
    * THE EFFECTS OF THE EPIDEMIC MIGHT ALSO HAVE NEGATIVE
IMPACT ON
THE UNITS' FUTURE OPERATIONS AND FINANCIAL RESULTS
    * IN ORDER TO CONTINUE THE OPERATION OF THE UNITS THE
MANAGEMENT
HAS ALSO RESOLVED THAT THE COMPANY AND UNITS CONDUCTING
DEALERSHIP ACTIVITIES WILL CONTINUE TALKS WITH MBANK ON
TRANSITION FROM CURRENT FINANCING MODE TO A FINANCING PROGRAMME 
    * SAID HAS ALSO RESOLVED TO APPLY FOR SUBSIDY TO POLISH
DEVELOPMENT FUND GROUP UNDER ITS RELIEF PACKAGE
    * SAID HAS RESOLVED TO LAUNCH DISINVESTMENT PROCESS WITH
REGARD TO
CZECH REPUBLIC-BASED BA CAR RENTAL AS WELL AS WARSAW-BASED
PROJEKT 07 AND AML POLSKA
    * SAID THE DISINVESTMENT TO CONSIST IN SELLING COMPANY'S
SHARES IN
THESE UNITS TO GROUP'S NON-RELATED ENTITIES OR CARRYING OUT THE
PROCESS OF LIQUIDATION OF THE UNITS     

    
    
 Source text for Eikon:  urn:newsml:reuters.com:*:nEM8vLspta
    
 Further company coverage:  BAHP.WA  
   


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