The original intention of Novaland to issue over 2.9 billion shares has been modified
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- Business
- 22:59 14/12/2023
DNHN - NoVa Real Estate Investment Group Joint Stock Company (Novaland, stock code: NVL) recently released reports on December 13 asking for feedback from shareholders regarding changes to the stock issue plan.
Novaland had originally planned to issue 975 million shares to professional securities investors and strategic investors. The corporation will only issue 200 million shares to a maximum of 5 professional securities investors, per the revised plan. In this plan, strategic investors are no longer taken into account.
For current shareholders, NVL will soon present a plan to issue 1.17 billion shares, which is a 10:6 ratio with a minimum price of 10,000 VND per share. This is a decrease from the previous estimate of 1.95 billion shares.
NVL would therefore issue 1.37 billion more shares to current shareholders and through two separate offers for a total of VND 13,700 billion. This contributes to bringing down the capital mobilisation costs below the VND 29,250 billion initial target.
Furthermore, Novaland will persist in executing the strategy of awarding ESOP shares to its workforce in 2023. 1.5 million shares are the maximum amount that can be issued, and the price per share must be less than 10,000 VND. Members of the Board of Directors and staff who have been authorised by the Board of Directors are invited to attend.
Furthermore, to ensure that Novaland Group's obligations are met, the company submitted to shareholders a proposal to consider issuing shares to swap debts following legal requirements and a compensation framework agreement that would set clear guidelines for the use of assets like real estate, shares, capital contributions in other businesses, and other assets.
A Novaland Group official underlined that in the current challenging environment, cash flow arrangements cannot be completed instantly and that selling assets to pay off debt presents numerous challenges because of the unstable market. The Novaland Group is actively working with linked parties to secure the greatest benefits for the group while also ensuring the balance of interests of all stakeholders during the restructuring process in an effort to ease financial strain.
The share price of Novaland's NVL on the stock exchange is approximately 16,500 VND.
H.M
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