GTC shareholders used their preemptive rights on Monday to block the issuance of 140 million K-series shares. The funds were to fuel the company’s new acquisition plans. The GTC management board said it will increase efforts to gather the votes needed for the issuance. “Our outlook on this strategy remains positive. Perhaps our shareholders need more details on our plans and why this is so important for the company,” said Thomas Kurzmann, CEO of GTC, adding that he is not considering any other external financing possibilities at the moment.
GTC recently went public with plans to add retail and office institutional assets to the portfolio. The company said it will be targeting projects in Warsaw and other big regional markets around Poland.
