Holders of Enemona’s warrants vote to exercise their right to subscribe new ordinary shares at a price of BGN 17.77/share (NEUTRAL)

Enemona announced that on 23 Jan on their general meeting the holders of warrants of Enemona have decided to exercise their rights under the warrants. According to the prospectus each holder has the right to subscribe one new ordinary share of Enemona at a price set at BGN 18.50/share. After the company issued its preferred shares in 2010 (issue price of BGN 9.92/share), this price was corrected to BGN 17.77/share. However, the last closing price at BSE-Sofia as of 23 January 2015 of Enemona’s ordinary shares was BGN 1.695. Now the Board of Directors has 14 days to take the decision for capital increase of Enemona’s capital with the size of the warrants’ issue. The number of the issued warrants is 5 966 792 and 78% of them are held directly and indirectly through Global Capital by the majority owner of Enemona – Dichko Prokopiev. Only the holders of warrants would have the right to subscribe the new ordinary shares. The warrants of Enemona were issued in 2010 for a term of six years. Each January the holders of the warrants have the right to decide whether to exercise their right or not. This is the first time when they decided positively.