April 12, 2017 / 6:59 AM / 3 months ago

BRIEF-Mediatel takes steps to prevent hostile takeover of Hawe group

2 Min Read

April 12 (Reuters) - Mediatel SA:

* Said on Tuesday that it has convened extraordinary general meeting of shareholders for May 8 to vote on lowering the company's share capital by 65.4 million zlotys ($16.32 million) in order to compensate for losses incurred by the company from previous years

* Plans to lower nominal value of each share to 0.5 zloty per share from 1 zloty per share

* At the same time, the company plans to increase its share capital via issue of 130.8 million series C shares of nominal value 0.5 zloty each

* Series C shares to be offered via private subscription without pre-emptive right

* The company intends also to issue up to 138.3 million series D shares of nominal value of 0.5 zloty per share

* Series D shares to be offered via private placement without pre-emptive rights

* Says that the resolutions are aimed at defending Hawe group, and in particular Hawe Telekom, from an attempt of a hostile takeover by Hawe Telekom's main creditor, Agencja Rozwoju Przemysłu SA

Source text for Eikon:

Further company coverage: ($1 = 4.0065 zlotys) (Gdynia Newsroom)

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