Bucharest, 10 April 2020 – Bittnet Group (BNET), a group of companies providing IT Training as well as IT&C integration solutions, announces it has successfully closed capital increase operation and has raised 9 174 711,74 lei from Bucharest Stock Exchange Investors. The capital raised by the company will be used for investments, as specified in the company’s budget for 2020, as well as working capital.
The operation was carried out in two steps, over the course of March and April. In the first step, which took place between March 5th and April 3rd, 2020, 5,046,928 new shares (45.69%) were subscribed at the price of 0.83 lei per share, by 189 investors, both individual and legal persons. In the second step, the Company offered for sale the remaining unsubscribed 5,999,713 shares in a private placement, at a price per share of 0.831 lei. 51 investors have participated in the private placement.
During the two stages of the capital increase operation 11,046,641 shares were subscribed representing 100% of the total issue and the Company raised a finance in cash contributions in amount of RON 9,174,711.74. Following the completion of the operation, the company will continue the registration process of the new capital to the Trade Register, FSA and the Central Depository, as well as the formalities of admission to trading for BNETR07 allocation rights.
“The success of raising 9 million lei, the sum we initially envisaged, in a moment of turbulences on the global financial markets proves that the local capital market functions and that the investors are not afraid to place their capital in Bittnet, appreciating our results, plans as well as information we put at their disposal. Today’s success gives us a special chance to be one of the most solid companies entering the new economic reality, but, at the same time, it places a special responsibility on our shoulders, for the investors who have given us their confidence during these turbulent times” said Cristian Logofătu, co-founder of Bittnet Group.
Bittnet Group estimates it will reach consolidated revenues of 125 million lei in 2020, alongside an EBITDA of 9.5 million lei and a net profit of 2.5 million lei. The EPS (Earnings Per Share) indicator is predicted at 1.27 bani taking into account an estimated number of 200 millions of Bittnet shares after registering the capital increase with 7 free shares to 10 shares held, which is subject to the approval of the shareholders at the General Meeting scheduled in April.
About Bittnet Group
Bittnet was founded in 2007 in Bucharest, by brothers Mihai and Cristian Logofătu, as a company offering IT training and IT solutions in Romania and abroad. Today, Bittnet is a Group of companies in the IT field of which the following brands are part: Bittnet Training, Dendrio, ELIAN Solutions and Equatorial Gaming. Bittnet Training is the leader of the IT training market in Romania, with over 15 years of experience and the largest team of IT trainers in Romania. Equatorial is a game-based learning company specialized n providing transformative training and consulting programs at the individual, team and organizational levels in Romania and abroad. Dendrio is the only multi-cloud integrator in Romania, consolidating its position as a company certified by the most important IT providers in the world, focusing on cloud security and cybersecurity. Elian Solutions specializes in providing Microsoft Dynamics NAV Enterprise Resource Planning (ERP) implementation services. Bittnet Group is listed on the AeRO market of the Bucharest Stock Exchange under BNET symbol.