April 3, 2017 / 5:58 AM / 6 months ago

BRIEF-Imaginarium to increase capital by 5 million euros to avoid insolvency

April 3 (Reuters) - Imaginarium SA:

* Said on Friday proposes to increase capital by 5 million euros

* To issue 166 million new shares at 0.03 euro per share with preferred subscription rights for current shareholders and with an option for an incomplete subscription

* Said that if the capital increase is not approved by shareholders, Imaginarium will begin its dissolution process and appoint a liquidator

* The capital increase is carried out to cover an equity imbalance that was discovered during preparation of FY financial statements

* Currently net equity stands at negative 2.3 million euros and may change due to possible deterioration of commercial debt in Italy by up to 7.6 million euros

Source text: bit.ly/2ozvMFv

Further company coverage: (Gdynia Newsroom)

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