Orco Property Group implements reserved capital increase

On 26 July 2013, the largest shareholders of Orco (60,7 CZK, 0,00%) Property Group (“OPG”), Gamala Limited, Kingstown Capital Management, LP, Alchemy Special Opportunities Fund II L.P. and Stationway Properties Limited, executed subscription agreements to subscribe for 6,666,667 new OPG shares at a subscription price of EUR 2.25 per share, raising a total of EUR 15,000,000 for OPG, in a reserved capital increase pursuant to the authorization voted by the extraordinary general meeting of shareholders of OPG on 27 June 2013. The new shares are expected to be issued and listed on the regulated market of NYSE (41,32 USD, -0,60%) Euronext Paris in the coming days as procedural and legal formalities are finalized to issue and list the shares. Further information will be provided to the market as this process develops. The procedure for admission and listing of the new shares on the regulated markets of the Prague and Warsaw Stock Exchanges will commence upon issuance of the new shares.

The shares will be subscribed as follows:

Gamala Limited:                                           3,205,086 shares
Kingstown Capital Management, LP                834,667 shares
Alchemy Special Opportunities Fund II L.P.     1,142,925 shares
Stationway Properties Limited                       1,483,989 shares

Jean-François Ott, President and CEO of Orco stated: “This reserved capital increase will give Orco resources it needs for optimal development of its assets and demonstrates the confidence of its major shareholders in the long term prospects of the company.”


Source: Orco