Orco Property Group: Shareholders approve bonds equitization (neutral)

According to a press release by the company, Orco Property Group has announced that its shareholders meeting held on 29 June has approved the increase in the authorized share capital which should allow for the conversion of bonds into equity.

Our view:
The vote was expected after bondholders’ approval of the conversion plan. Additionally, after the first conversion phase of Orco Germany bonds, the holders of Orco Germany bonds have become also shareholders of Orco Property Group, thus increasing the number of votes for the resolution to pass. We view the news as neutral.