The increase of the share capital of PPC through the agreement of the public company with CVC for the acquisition of 10% of the shares of the Greek company is a signal for the participation of other institutional investors .
The fund, which manages more than $ 105 billion in investment funds, is evolving into a “Cornerstone Investor” while sending a signal of investment confidence in the public company’s venture to further equity and raise funds to fund its ambitious growth plan. energy and the markets of South Eastern Europe. Market sources estimate that with this agreement and mainly with the entry of CVC in PPC, will herald the arrival of other institutional investors in the share capital of the Greek company. According to the same information, their participation rates will be below 10%.
The “cornerstone agreement” also has another value. CVC enters the share capital with a price of 9 euros per share with a maximum amount of 395 million euros and no discount. Something that is not usual in similar procedures of capital increase. This is a move that will strengthen the message of investor confidence in PPC from CVC.
According to information, everything shows that the process of increasing the share capital is heading towards the implementation stage. Sources state that the day after tomorrow, Friday the 29th of the month, the PPC board of directors will be invited to approve the prospectus for the share capital increase. The range of share prices and the dates that the book of offers will open and close will also be defined. These will probably be towards the end of next week.
Estimates want, after the agreement for the entry of CVC in 10% of PPC, that the funds that will be offered will exceed 1 billion euros.
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