Astroc's main shareholders will propose to change the name of the troubled Spanish company to Afirma in an attempt to re-brand the group and relaunch it in the current year. The proposal will be presented at a shareholders´ meeting to be hold on February 7. The move follows the collapse of the company's share price in recent months. On Tuesday, Astroc shares closed at an historic low of EUR 3.64 per share.
Astroc's main shareholders will propose to change the name of the troubled Spanish company to Afirma in an attempt to re-brand the group and relaunch it in the current year. The proposal will be presented at a shareholders´ meeting to be hold on February 7. The move follows the collapse of the company's share price in recent months. On Tuesday, Astroc shares closed at an historic low of EUR 3.64 per share.
Astroc, which went public in May 2006, saw its share price skyrocket to over EUR 70 per share in February last year from about EUR 6 per share nine months earlier. But speculation about Astroc's financial position in April led to a 70% drop in the company's share price and triggered a massive sell-off of Spanish property shares on the back of fears the Spanish property market was set to implode.
During the shareholders' meeting in February, the company's board will also vote on Astroc's merger with other firms including Rayet, Astroc's 40% shareholder.
