PETROL AD TO BE TRADED ON LONDON STOCK EXCHANGE IN MARCH 2005
Petrol AD is the first company in Bulgaria to issue global depository notes for its shares. They will be probably traded on the London Stock Exchange as of March 2005. Their sale will be brokered by ING Investment Banking - the financial consultant of the Bulgarian fuel distributor. Bank of New York has been picked up as a depository. The decision for listing the company's shares on a foreign stock exchange was made back in August, and the green light for realization of the idea will be given at the extraordinary meeting of corporate shareholders, scheduled for December 7, 2004. According to Orlin Todorov, Executive Director of Petrol AD, the issuance of global depository notes will allow Petrol's shares get a representative international appraisal. Moreover, their liquidity will certainly go up. Mr. Todorov added that the company would go to another orbit by internationalizing the team of its stockholders. On December 7 the owners of Petrol AD will also vote for an increase of the company's equity capital from BGN109,249,612 to BGN145,666,150. This will be effected through the issuance of 36,416,538 new ordinary shares of BGN1 par. Their issue worth will be BGN4 apiece. All owners of company stocks, who have acquired the paper not later than two weeks after the general meeting (i.e. December 21) shall be entitled to take part in the capital increase. They will be able to subscribe by one stock 1/3 of a new share. Shareholders who are not willing to use that right may transfer it on the very first working day after the elapse of the 7-day term after publishing the announcement. Almost BGN146MN will enter Petrol if all new shares are subscribed for.If the general meeting is not held due to lack of a quorum, it shall be invited on February 9, 2005.