Flash move from Beşiktaş regarding the Banks Association! Reported to the KAP...

Beşiktaş Futbol Yatırımları Sanayi ve Ticaret A.Ş. announced today to the Public Disclosure Platform (KAP) the decision taken by its board of directors regarding a rights issue and the application made to the Capital Markets Board (SPK) within this scope.

According to the statement, the black-and-white club has decided to increase its current capital by 400%.

The following statements were included in the notification made to the KAP regarding Beşiktaş's SPK application for the rights issue:

"An application has been made to the Capital Markets Board today for the approval of the prospectus prepared regarding the increase of our company's issued capital, which is 1.2 billion TL, to 6 billion TL by increasing it by 4.8 billion TL, with the entire amount being met in cash, within the registered capital ceiling determined as 6 billion TL."

TARGET: 9.5 BILLION TL IN FUNDS

The club also shared detailed information regarding the use of the funds planned to be obtained from the capital increase. Accordingly, it is aimed to provide approximately 9.5 billion TL in funds from the cash capital increase.

After deducting expenses and costs, 90% to 98% of the funds will be used for loan repayments made to the Banks Consortium. The remaining 2% to 10% will be allocated for current expenses, payments to be made to players and the technical staff, transfer fees, and other financial obligations.

With this capital increase, Beşiktaş will have taken a critical step in the process of exiting the Banks Association of Turkey agreement.

President Serdal Adalı had made statements regarding this process at the recently held Council Board Meeting, using the expressions: "We also have different revenue projects that we are working on very intensively. Our goal will be to significantly reduce the interest burden on our club as of May. We will exit this Banks Consortium by May. Let everyone know this."

News Source: 12punto