Old Astra Management Says Capital Increase Rejected

The former management of transportation company Astra - Pitesti issued a press release indicating that shareholders rejected the 60 million RON share capital increase, despite the fact that a previous Astra press release had announced the approval of the motion to increase share capital.

Shareholders in Astra convened October 20th and dismissed the Board, chaired by Adrian Florea, and elected a new Board, chaired by Viorel Robert Dobre, as per an announcement to RASDAQ dated October 22nd. According to the announcement, shareholders also approved a share capital increase by 60 million RON to 61.03 million RON.

On November 5th, the former chairman issued a press release indicating that the motion to increase share capital had been rejected. No reference was made to the change of executive management. Astra representatives were unavailable for comment.

Had the share capital increase been approved, the company would have issued 24 million shares with a face value of 2.5 RON to shareholders registered as such by November 8th. Astra currently has a share capital of 1.03 million RON (302,900 EUR) divided into 412,300 shares with a face value of 2.5 RON. The Employee Association holds 83.63%.

The company concluded H1 with nearly 2 million RON in turnover, up by 46.5% y/y. The net profit amounted to 18,100 RON, compared to losses of 145,000 RON in the corresponding period of 2006.

Shareholders in Astra convened October 20th and dismissed the Board, chaired by Adrian Florea, and elected a new Board, chaired by Viorel Robert Dobre, as per an announcement to RASDAQ dated October 22nd. According to the announcement, shareholders also approved a share capital increase by 60 million RON to 61.03 million RON.