issued 154,720 new shares as a result of converting 153,720 convertible bonds due in 2011 and 1,000 stock options. Total number of outstanding shares thus increased to 8,657,673 shares. The bondholders had a possibility to convert their bonds until 19 March and only 1,987 out of 1,001,563 bonds were not converted. This bond issue is expired now.
This conversion is completely in-line with Orco
’s plans and previous statements which was carried out in order to partially decrease its debt. Note however that company recently announced issuance of new tranche worth of EUR 175m due in 2014. We see the news as neutral.