Planned EUR 40m capital increase is declared null and void / Insufficient funds obtained
Due to insufficient subscription applications, Spanish PET producer and processor La Seda de Barcelona
’s (LSB, Barcelona; www.laseda.es
) board of directors on 10 July decided to render its planned capital increase null and void. The group had originally planned to wrap up its long-term financial realignment with a EUR 40m capital increase – see also Plasteurope.com of 19.03.2012
– which was to go towards growing its Artenius PET Packaging Europe
(APPE, Wrexham / UK; www.appepackaging.com
) plastic packaging division.
By early July, the group had received only about 12.3m shares for the equivalent in euro – not enough for the planned capital increase. In a statement issued on 10 July, the board of directors said it “regrets that it has not been possible to complete the operation, which has been affected by the current economic conditions in Europe.” The company said it is studying alternative sources of financing.