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GetBack postpones voting on share issuance, loses potential investor

Shareholders of Polish debt collector GetBack SA approved the issuance of up to 19,999,999 new shares, but voting on a second issuance of up to 50 million shares was postponed until April 6, the PAP news agency reported March 28.

GetBack had said it planned to raise around 300 million Polish zlotys from the first issuance, which will target up to 149 investors, mainly existing shareholders owning at least a 0.5% stake, PAP noted. The second issuance of up to 50 million shares is targeted at foreign investors, and the company hopes to raise up to 700 million zlotys.

GetBack said separately March 28 that a potential foreign investor with which it earlier signed a letter of intent regarding the acquisition of shares in a private placement, withdrew from negotiations. However, talks with several other potential investors from the U.S. and Israel are still ongoing, the company added.

As of March 28, US$1 was equivalent to 3.40 Polish zlotys.