Vladimír Urbánek (Kurzy.cz)
Czech markets  |  February 05, 2013 09:09:44, updated

Orco: EGM approved a capital reduction by more than half, Vitek and his people on the board


Orka General Meeting yesterday, as expected, approved the capital reduction, if the nominal value of shares decreased from 4.1 to 2 euros. Also named Radovan Vitek and two other representatives of his companies to jedenáctičlenného Board. Nominal value of shares below market price may, in previous statements to company officials open the doors to issue equity capital.


Orco so currently can issue new shares below the original face value of the company. The issue of new shares is likely, in our opinion, which is indicated as representatives of Orco, the new majority shareholder, Mr. Vitek. So at present we see no upside potential for this stock title. Josef Novotny

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