After the first offer, Industrial Holding-Doverie AD offers a higher price for the shares of Hydroizomat AD in a tender offering to the other shareholders of the company. This is clear from the announcement on the site of the Bulgarian stock exchange for a received corrected bid on Tuesday.
In the amended offering from Industrial Holding-Doverie AD to the shareholders of Hydroizomat AD for the purchase of 279 870 ordinary, registered, dematerialized shares with voting rights, a new price of BGN 1.43 per share was offered. By comparison, on 10 July the proposed price was BGN 1,335 per security.
However, Industrial Holding-Doverie Plc warns that the Financial Supervision Committee has not yet taken a position on the bid.
The offeror has a total of 2,709,570 shares in the capital of Hydroizomat AD, representing 90.64% of the votes in the General Meeting of Shareholders. The shares that are the subject of the offer are in fact all other shares of the company.
The price offered by Industrial Holding-Doverie AD is the fair price per share according to the valuation methods under Art. 5, par. 3 of Regulation 41 of the Financial Supervision Commission, writes in the notification of Hydroizomat AD.
"Industrial Holding-Doverie" JSC intends to maintain the unchanged topic of activity of Hydroizomat AD by making efforts to develop the main activities in which the company specializes, namely the design and construction of hydro and thermal insulation systems of all types of flat and pitched roofs, foundations of buildings, roads, bridges, tunnels and tanks; complete construction of residential, office / commercial and industrial buildings, etc.
The bidder in the bidding offer declares to wish to stabilize the financial results of Hydroizomat AD and to compensate the accumulated losses not only with the increase in revenue from new contracts, but also through the optimization of the cost structure.
Hydroizomat is scheduled to be removed from the register of public companies led by the Financial Supervision Commission and the trading of its shares on the BSE should stop.
No changes have been made to the composition of the management bodies of Industrial Holding-Doverie AD and Hydroizomat AD with regard to the bidding offer and with respect to the personnel and the terms of the employment contracts of the employees of both companies to the BSE.
Hydroizomat AD shares appreciated by 21% in the last 12 months to BGN 1.23 per share and BGN 3.61 million in market capitalization.