29 December 1997: The proceeds of a capital increase through the early redemption of 1993-1999 convertible bonds will be used to help Belgian glass group Glaverbel finance investment in the Russian gl…
29 December 1997: The proceeds of a capital increase through the early redemption of 1993-1999 convertible bonds will be used to help Belgian glass group Glaverbel finance investment in the Russian glassmaker Bor Glassworks (finalised on 1 December), and also to reduce the group“s indebtedness. Bond holders (there was a 95% take-up rate for the early redemption offer) will pay a balance of BFr 235 per bond, resulting, after tax considerations, in a total capital increase of BFr 1.28 billion. Conversion of the 290,840 bonds (out of a total of 303,290) into an equal number of shares took place on 24 December. The new shares will bear dividends as of 1 January 1998. In a group statement, Glaverbel also announced that, in view of good performance during the present financial year and encouraging prospects for 1998, its board of directors has decided to pay a gross interim dividend of BFr 28, payable as of 12 January 1998.