ABLV Bank Will Increase Equity Capital by LVL 11,5 mn
OREANDA-NEWS. March 20, 2013. There was an extraordinary meeting of ABLV Bank, AS, shareholders held, at which the decision on increasing the bank’s equity capital by LVL 11.5 million was made.
The equity capital will be increased by issuing 6 570 registered shares with voting rights. The shares’ selling price is equal to LVL 1 755. The subscription to the new shares will be started on the 15th of March this year and will last till the 26th of April. The shares will be offered to current shareholders of the bank. After completion of the issue, bank capital will consist of 127 170 shares with voting rights and 13 400 employee shares without voting rights.
At the extraordinary general meeting, there was also a decision on launching new bond issue programme made, under which public offering of the bonds amounting to LVL 200 000 000 will be performed till 1 May 2014. The issues will be prepared after receiving permission for public offering from the Financial and Capital Market Commission.
The issues of the bonds will be performed in accordance with the bank’s strategic objectives – to raise sufficient financial resources available in the long term. Diversification of the sources of funding is considered to be an efficient way of achieving this objective, and this means raising financial resources not just in the form of the customers’ deposits, but also by issuing the bank’s debt securities – bonds.
The bonds issued by us are admitted to regulated market, thus enhancing the range of investors able to acquire the bonds (e.g., open-end mutual funds).
We started performing public bond issues in 2011. Since that time, there are three issues performed under ABLV Bank, AS First Bond Offer Programme and eight issues performed under ABLV Bank, AS Second Bond Offer Programme included in NASDAQ OMX Riga list of debt securities.
Currently, investors hold the bonds of our bank worth LVL 148.9 million. In total over the last year and a half we have already performed 11 issues.