Existing shareholders have preferential subscription rights that may be exercised for one month from the publication of the full content expansion on BORME, to be followed within 5 days for shareholders who wish to subscribe for more shares than theirs by rights. Then the subscription is open to non-shareholders.
The Board of Directors of Saski Baskonia SAD approved today a capital increase in the society amounting to 600,000 Euros, after the General Meeting of Shareholders held on Friday at the Buesa Arena delegated on the Board the completion and approval of the terms of such extension. The Club aims to reach a total of 600,000 Euros, but does not limit the subscription if that number is exceeded.
The objective of this decision is the financial strengthening of the company with the intention of placing it in a better position to face the future challenges that the company has to face: the modernization of the club and being able to cope with and meet the high expectations of the prestigious competitions in which it participates. The Council also considered very important base expansion and social support.
The approved capital increase fixed the disbursement of each share at 300 Euros and has been calculated on the net assets of the club, which amounts to 7.4 million Euros, according to financial data audited and approved by the Board last year. The capital of the company consists today of 24,000 shares.
Existing shareholders have preferential subscription rights that may be exercised for a month (first phase) plus another five days (second phase) from the publication of the full content in the BORME (probably in a few days. Shall be informed promptly).
After the second phase, the extension shall be open to any person or entity, until the end of the period that the Board determines (third phase).
From the first day, both current shareholders and new shareholders can buy their shares. In the case of the new shareholders they´ll have to make the disbursement and the ‘reservation’. This reservation will definitely become effective when the third phase starts.