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Afarak Group announces extraordinary general meeting for capital restructuring

Published 12/23/2024, 06:16 AM

HELSINKI - Afarak Group SE (LSE: AFRK, NASDAQ: AFAGR), a specialist alloy producer, has announced an Extraordinary General Meeting (EGM) scheduled for 29 January 2025. The meeting will address proposed changes to the company's capital structure, including a significant reduction of its share capital and share premium reserve.

In a move to create a more flexible capital structure and enable more efficient use of the company's funds, the Board of Directors has proposed a reduction of the share capital from EUR 23,642,049.60 to EUR 1,000,000.00. The reduction will transfer funds to the fund for invested unrestricted equity, increasing it by EUR 22,642,049.60. The proposal is contingent upon completing the creditor protection procedure outlined in the Finnish Limited Liability Companies Act.

Additionally, the Board suggests reducing the share premium reserve, transferring all funds recorded therein, amounting to EUR 25,223,189.79, to the fund for invested unrestricted equity. This measure reflects changes in the Finnish Limited Liability Companies Act, which no longer recognizes the concept of a share premium reserve.

The company emphasizes that the proposed reductions will not affect the number of shares, shareholders' holdings, or the rights attached to the shares. The EGM will also include standard procedural matters such as the approval of the agenda, the election of officials to oversee the meeting, and the recording of attendance and voting rights.

Shareholders registered in the company's shareholders' register by 17 January 2025 are eligible to attend the EGM. They may also vote in advance on certain agenda items from 2 January 2025 to 19 January 2025. Instructions for advance voting and participation in the EGM are available on the company's website.

Afarak Group has a total of 277,041,814 shares issued, with the same number of voting rights, excluding the 16,041,514 shares held in treasury. The outcome of the EGM could significantly impact the company's equity structure and future financial flexibility.

This article is based on a press release statement from Afarak Group SE.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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