Armax Gaz GSM decisions
Raiffeisen Capital&Investment - 31 Mai 2010
The oil and gas equipment producer Armax Gaz (ARAX) held its GSM, which among other issues approved company's 2010 budget and a RON 3.24 mn share capital increase.
ARAX has budgeted a turnover of RON 79 mn, flat on 2009, and a slight increase in EBT of 4% to RON 8 mn. With respect to the share capital increase, the shareholders approved a RON 3.24 mn equity injection at a 1.5 RON/share (17% higher than the last closing) with the reference date being set for June 16. While we consider the first piece of news as neutral, we view the news regarding the share capital increase as negative since a higher than the market subscription price will motivate investors close their positions in ARAX, therefore we would expect a short term negative market reaction.
Sursa: http://www.rciro.ro
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