Sofia Commerce-Pawn Brokerage seeks 2.8 mln euro via preferred share issue Bulgarian pawnshop chain Sofia Commerce-Pawn Brokerage plans to raise BGN 5.5 million through the issue of 1.1 million preferred shares on the Bulgarian Stock Exchange (BSE). Each shareholder will have the right to subscribe for one new share for each two shares already held in the company at a subscription price of 5 levs per share, Sofia Commerce-Pawn Brokerage said on its website earlier this week. Trade in rights will start on June 27 and continue until July 12. The new share issue will have a fixed dividend of 12% of the subscription price during the next five years. The issuance will be considered successful if at least 200,000 shares, or 18% of the total, are subscribed for. Financial consultancy firm D.I.S.L. acts as a broker on the deal. Sofia Commerce-Pawn Brokerage plans to expand its business by opening new offices and revamping the old ones, the company's CEO told local Capital Daily. In 2005, the company issued 400,000 preferred shares and has recently converted them into common stock. Sofia Commerce-Pawn Brokerage operates a chain of over 125 pawnshops throughout the country.
Source: Capital (21.06.2016)

Sofia Commerce-Pawn Brokerage raises below-target 500,000 euro via preferred share issue Bulgarian pawnshop chain Sofia Commerce-Pawn Brokerage said it has raised 1 million levs ($567,000/511,000 euro) through the issue of 201,154 preferred shares on the Bulgarian Stock Exchange (BSE), well below its initial target. In June, the company said it plans to raise 5.5 million levs through the issue of 1.1 million preferred shares, as the issuance will be considered successful if at least 200,000 shares, or 18% of the total, are subscribed for. Each shareholder had the right to subscribe for one new share of a par value of 1 lev for each two shares already held in the company at a subscription price of 5 levs per share. The new share issue will have a fixed dividend of 12% of the subscription price during the next five years. Financial consultancy firm D.I.S.L. acted as a broker on the deal. In June, Sofia Commerce-Pawn Brokerage said it plans to expand its business by opening new offices and revamping the old ones. In 2005, the company issued 400,000 preferred shares and has recently converted them into common stock. Sofia Commerce-Pawn Brokerage operates a chain of over 125 pawnshops throughout the country.
Source: Capital (08.08.2016)

Bulgaria-registered real estate investment trust Arco Real Estate, majority-owned by Estonian real estate company Arco Vara, said its planned capital increase to up to BGN 30 million failed due to low investor interest. During the presubscription trading period, retail investors acquired BGN 2.76 million worth of subscription rights, which was below the minimum threshold of EUR 5 million. "We are disappointed with the results. On a more positive note, we are glad that there are retail investors who showed their interest towards Arco managed residential projects in Bulgaria. Hopefully we will find a way to do business with them," Arco Vara's CEO Tarmo Sild said. "And, we also gave ourselves a promise never to raise capital again during or immediately after the Brexit vote," he added. Arco Real Estate started trading on the Sofia stock exchange in April, listing a total of 650,000 shares with a par value of BGN 1 each. Arco REIT is focused on developments in the capital Sofia and potentially other major Bulgarian cities, where invested equity shall be more than EUR 5 million.
Source: Capital (18.08.2016)