Bulgarian Football Club CSKA Sofia To Attempt Second Public Listing
Bulgarian football club CSKA Sofia "is to have a second attempt at launching on the Bulgarian stock exchange," according to Alexander Krassimirov of INSIDE WORLD FOOTBALL. The club has said that "a second public offering of shares is being prepared and that more details will be made available at a general meeting of the board later this month." Earlier this year, the club "tried to launch on the exchanged the exchange, but the initial offering of shares failed due to poor take up by individual investors." CSKA intends to offer "far fewer shares than the first time -- looking at a placing of between 800,000 and 1 million shares." In the initial offering price per share was BGN 3 ($2) but it is now expected to be no more than BGN 1 (€0.70). The first public share offer attracted only 5,720 shareholders. The low level "has been attributed to the difficulty in actually being able to transact to buy shares, rather than a perceived lack of interest" (INSIDE WORLD FOOTBALL, 7/11).