CZK, -1,69%) announced the issuance of 180,000 new shares under the existing step-up equity program with Bank Austria Creditanstalt AG, which was approved earlier this year by EGM and allows to issue up to 1,500,000 new shares over the next 4 years. previously issued 70,000 shares under ongoing step-up-equity program.
We see the news to have neutral impact as this issuance is not new for the market. It is similar way how (2 945
CZK, -1,14%) raises its equity, which is managed and timed by the management. As the issuance price is only with small discount (some 5%) and it is close to ECM's last NAV of EUR
57.7/share we see the news as neutral.