Warimpex approves bonds convertible into up to 9 million shares

By Susanna Moon

Chicago, May 31 - Warimpex Finanz- und Beteiligungs AG said it was authorized to bonds that are convertible into up to 9 million shares within the next five years, according to a news release.

The approved amount represents up to €9 million of the company's paid share capital.

The management board, with the supervisory board's consent, will define the terms of the issuance. Existing shareholders waived their subscription rights in order to contain financing costs, allowing the company to target institutional investors.

Warimpex, Vienna, is a real estate development and investment company that focused on hotel properties in Central and Eastern Europe.

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