Subsequent to the shareholders’ decision in June 2021 to increase the company’s capital, GTC sold as many as 88,700,000 shares raising new capital of around 123 million Euro.
The transaction was conducted in the accelerated book-build process, which started on Tuesday, 14 December and closed on Thursday, 16 December. Over the two days numerous Polish and international investors placed their demand declarations significantly oversubscribing the base offer of 55,000,000 new shares.
“We are very happy to be able to conduct such a successful transaction at the year end with such an enormous interest from our current but also new investors, which allowed us to upsize the transaction and limit the discount to the market price. It proves high demand for GTC’s shares and confirms our strategy and market position,” said Yovav Carmi, President of the Management Board of GTC commented.
“Proceeds from this very successful capital increase, together with the funds from sale of our Serbian portfolio, will allow us to strengthen our capital structure, decrease our loan to value ratio but also will fund our future growth. We are more than satisfied with the outcome of this capital increase. I would like to congratulate the syndicate team and thank them for their efforts in this transaction,” said Ariel Ferstman, CFO and Management Board Member of GTC.
“Despite challenging market conditions at the end of the year, both Polish and international investors contributed with a high-quality demand allowing GTC to upsize the transaction by as much as over 60 percent from the originally planned size and price it with a moderate discount of c. 6.6 percent to 10D VWAP. We are proud of being a part of this great successs,” said Mateusz Kacprzak, Head of Corporate and Investment Banking at Santander Poland.