Karen investor identified

2010-07-28

Karen, the computer and electronic appliance retailer which belongs to Komputronik, has signed an agreement with Halina Paszynska and the Texas Ranch Company, a firm registered in Stargard Szczecinski, pertaining to the acquisition of 786 million new Karen shares, for an issue price of PLN 0.05 apiece, by the latter two parties.
In accordance with the contract, Karen will reduce its working capital by reducing the nominal value of shares to PLN 0.04 apiece and selling its chain of stores to Komputronik. It will also sell trademarks worth PLN 6.5m (€1.6m) to Contanisimo, a subsidiary of Komputronik.
In turn, the investor has promised to buy Karen shares and to provide the company with financial support of PLN 53m (€13.1m) and property worth at least PLN 340m (€83.7m). In addition, it will buy Karen’s debts to Techmex, an IT firm which declared itself bankrupt.