The FIMI announced the sale of "1,081,770 shares, which is 25.76% of the share capital, issued by AD Plastik d.d. Solin bearing the stock exchange ticker ADPL-R-A."
The public auction will take place on 22 February 2011 on the premises of a public notary in Zagreb, starting at 11:00 a.m. (CET).
The starting price is set at HRK 118,432,179.60 (HRK 109.48 per share), while the bid increase step is HRK 1,000,000.00.
The subject of the sale is the entire block of 1,081,770 shares, according to the "all or nothing" principle, which is 25.76% of issuer AD Plastik d.d. Solin's share capital.
The sellers are Abanka VIPA and Nova Ljubljanska Banka, two Slovenian banks that are two lienors for Prevent Global. The purpose of the auction is to settle Prevent Global's debt to them.
The price cited in the announced public action is lower than the price of AG Plastik shares on the Zagreb Stock Exchange, where the Croatian company last Friday recorded a price of HRK 137 per share. By 12.30 hrs on Monday, its price rose by three percent to HRK 140 and made a turnover exceeding two million kuna.
Prevent Global is a member of the Prevent Group, a major producer of car seats in Europe. Last year, Prevent Global launched bankruptcy proceedings after facing financial difficulties. Media speculate that the company owes more than EUR 52 million.