Financials
April 09, 2012
UkrSotsBank has announced that it is planning to increase its charter capital by 94.5%, or by UAH 1.2bn to UAH 2.47bn (USD 309mn) with an additional share issue. The charter capital increase will be formalized at the bank’s AGM on Apr 20. We expect this development to have a dilution effect that will be NEGATIVE for the stock. We recommend that minority shareholders vote against the additional share issue and exercise their right to SELL their shares back to UkrSotsBank at a fixed price of UAH 0.2108, which was the USCB stock’s closing price on Mar 15, the day before the capital increase announcement.
