Power utility PPC is scheduled to stage a landmark general shareholders’ meeting today for approval of its imminent equity capital raise, which, once completed early next month, will increase the stake of private investors from 34 percent to 66 percent and offer the corporation fresh capital for its enormous investment plan.
The company board is anticipating complaints at today’s session from small-scale investors, mainly domestic shareholders troubled by the prospect of losing preferential shareholder rights.
Major international funds and institutional investors are preparing to move in and overshadow the smaller private investors. PPC has promised smaller shareholders will not be neglected.
To date, the value of requests submitted by investors ahead of the book building process, expected late this month, has reached nearly two billion euros, triple the equity capital raise’s initial sum of 750 million euros.
In response, PPC appears to have revised its equity capital raise, which could exceed one billion euros.
The strong investor interest is reflected by the company’s share price, which ended trading yesterday at €9.15, fully regaining losses incurred over the past three weeks.
Genop, PPC’s main union group, has announced strike action for today in protest against the equity capital raise, as well as a news conference.