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And so on Wednesday afternoon, investors were informed that Ursus intends to issue up to 15 million new shares at 2 zł per unit.
At the time of giving the information a single paper Ursus cost approx. 3.15 zł (3.26 zł at the close of the previous day). Investors recalculated – as soon the market will go the cheaper shares, they decided to get rid of Ursus securities currently held on the current exchange rate, higher than the announced price of the new shares. As you can see in the chart below, from morning trading in shares it was rather sleepy, and when Ursus gave a message about a new issue, many investors rushed to sell.
There was a problem, however. The message contained a resolution of the general meeting of shareholders, except that dated back to May 2014. “Ursus SA Management Board hereby submits a correction of the Annex to the current report No. 20/2015 of 24 June 2015. Granted, at 14:51.
The current report No. 20/2015 of 24 June 2015. instead of resolutions from the current year mistakenly attached the resolutions adopted by the Annual General Meeting of Ursus SA last year, on 26 May 2014. “- wrote Ursus in the afternoon a press release.
As explained by Ursus, stock market turmoil is the result of “technical error.”
The company has updated the information, but there is no word of any planned issue. Following administration of an incorrect statement of Ursus shares at times they lost their value even approx. 15 percent. Later rate began to calm down. However, at the close of trading per share Ursus you had to pay zł 3.05, less than 6.5 percent. less than the previous day.
Why do so many look for?
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