May 18, 2020 / 7:49 AM / 19 days ago

BRIEF-British Automotive Holding To Raise Its Units' Share Capital, Conduct Disinvestment

May 18 (Reuters) - British Automotive Holding SA

* 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:

Further company coverage: (Gdansk Newsroom)

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