Dniprometiz to Increase Share Capital by 3.5x

Dniprometiz (DMPO: BUY) announced yesterday the agenda for its EGM on November 9, which includes a vote on a share capital increase by 3.5 times to USD 16.5 mln through the additional issue of 0.88 mln of shares at par (USD 13.58). Subscription will be held in two stages at the beginning of next year: (1) January 21 to February 4; (2) February 5 to February 7. Eugene Cherviachenko: The technically adjusted market price of the stock is USD 46.2 per share versus the current USD 130.7. Our adjusted target is USD 52.6 per share (unadjusted USD 154.0 per share).