Brothers Cristian and Mihai Logofătu, founders of the IT group of companies Bittnet Systems (BVB: BNET), requested completing the agenda of the company’s general meeting of shareholders scheduled for October 21 with a vote on the launch of two bond schemes of maximum sizes of RON 100 million (EUR 20 million) and EUR 20 million, respectively, according to a note to investors.
Currently, Bittnet Systems has five bond issues listed on the Bucharest Stock Exchange.
The company’s market capitalisation is RON 73 million (EUR 14 million), after the price of its shares dropped by 41% y/y. The company’s shares are trading up 14% in the last week on the back of the announcement of a RON 143 million contract signed by digital infrastructure division Dendrio Solutions.
The proposed programs provide for non-convertible issues with a nominal value of RON 100, respectively EUR 100 per bond, with maturities between 3 and 5 years and fixed or variable interest rates of up to 12% per year.
The bonds will be “offered to investors through a private placement or a public offering. The bond issue may be carried out depending on market conditions and the financing needs of the company, within a single bond issue or through several issues, within an offering program,” the report reads.
The Logofătu brothers directly own 17.67% of Bittnet. The shareholders also include Agista Investments (13.75%) and Impetum (13.3%).
In H1/2025, Bittnet widened its losses to RON 17 million, from a negative net result of RON 4.5 million in the same period last year. Consolidated revenues amounted to RON 103.9 million (EUR 20 million), down 38% y/y.
iulian@romania-insider.com
(Photo source: Facebook/Bittnet)
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