6 340 138 not exercised rights of IHB will be sold at the open-bidding auction on 20 Nov 2007


19 913 902 rights were exercised in the first stage of IHB IPO On 20 November 2007 an open-bidding auction for 6 340 138 rights for subscription of 4 226 758 new shares from the capital increase of IHB will be held. The shareholders rights against which no shares of the new issue have been subscribed till expiration of the time limit for transfer or subscription of the rights 29 Oct. - 13 Nov. 2007, shall be offered for sale under the terms of an open-bidding auction during the trade session on the BSE-Sofia on 20 Nov. 2007. The exchange code of the rights is R2IHLBL. Everybody who wants to buy rights from the auction must use an investment intermediary.

The ratio of issued rights to new shares is rights/shares - 3/2 - any three rights exercised entitle to subscription of 2 new shares. Any person may subscribe as many shares as the number of rights held, multiplied by 2/3.

During the time for transfer or subscription of the rights 29 Oct. - 13 Nov. 2007, 205 716 rights were transferred for the total amount of BGN 1 460 159.18. For this period 19 913 902 rights were exercised for subscription of 13 275 934 new shares with issue value BGN 2.40.

At present the shareholders structure of IHB is over 55 000 physical persons, owing about 25 % of the capital and over 100 institutional investors owing 75% of the capital. Shareholders with over 5% are Venside Enterprises Limited with 31.36%, Bulls AD with 12.10% and DZH AD with 6.03%. All of them have subscribed the new shares. Almost all Bulgarian pension funds and many investment funds are IHB shareholders, too. Among the foreign shareholders holding over 42 % are UBS, Raiffeisen Zentralbank, Bank of New York, Bank Austria Creditanstalt, NBG, Hansapank Clients, ABN Amro Bank, Mei-Roemenie, EFG Eurobank, Danske fund and/or their clients.

Through the public offering the IHB capital will be increased from BGN 26,254,040 up to BGN 43,756,733 through the issue of 17,502,693 new ordinary, dematerialised shares, each at the nominal value of BGN 1 and at the issue price of BGN 2.40. The capital will be increased, only if at least 15,000,000 shares are subscribed and paid for. The capital increase will be used for financing the investment projects of its subsidiaries, mainly in see transport and port activities.