GO plc's board of directors announced today they have resolved to instruct Forgendo Limited, the joint-venture investment vehicle equally owned by GO and its parent company Emirates International Telecommunications Limited (EITL) which owns 41.27% of Forthnet S.A., to vote against the €30 million rights issue of Forthnet during the extraordinary general meeting being held today.
The Greek telecoms company is seeking shareholder approval for a number of changes to its capital structure and the €30 million rights in issue in line with the conditions of its recent restructured debt.
Following this morning's announcement, GO's share price had a muted reaction as it edged 0.6% higher from its all-time low to close at the 89c5 level on volumes totalling 12,561 shares. Despite this morning's slight upturn, GO's equity still ended the week as the worst performer with a drop of 5.8%.
Elsewhere in the local equity market, HSBC Bank Malta plc shed 1.2% back to the €2.57 level on a single trade of 1,100 shares while Bank of Valletta plc recovered from an intra-day low of €2.28 to close unchanged at the €2.29 level on volumes of over 8,800...
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