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oda_MaterialEventDisclosureGeneralAbstract|
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Hayır (No)
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Hayır (No)
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-
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Hayır (No)
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As previously communicated, the proceeds from the simultaneous capital increase and decrease transaction that was completed in the last quarter of 2020 has been used to reimburse several bank loans by our Company. After the transaction, our Company was no longer within the scope of the Article 376 of Turkish Commercial Code numbered 6102. Notwithstanding the significant recovery in operating profits stemming from financial and operational improvements achieved in recent years, our Company's equity turned negative due to high financial expenses caused by a continued significant amount of financial debt, as presented in the most recent financial statements prepared as of March 31, 2021 in accordance with the capital markets regulations. These circumstances have led to the need for a new capital increase for continuing to reduce financial debt while strengthening equity. Such capital increase will allow to reimburse another portion of the existing bank loans of our Company and hence alleviate the negative impact of financial expenses on profitability. In this regard, for the purposes of reducing financial debt, strengthening equity, and supporting profitability by mitigating the impact of financial expenses, our Board of Directors have resolved the following at the meeting dated August 3, 2021;
The preparations for the contemplated capital increase as resolved by the Board of Directors have already been initiated by our Company, and further developments will be communicated in due course. |
We proclaim that our above disclosure is in conformity with the principles set down in “Material Events Communiqué” of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we’re personally liable for the disclosures.