The program refers to the intention to repurchase up to 200m shares from its shareholders (both in the form of shares and GDRs).
Fondul Proprietatea published a document on the Bucharest Stock Exchange announcing the intention of a buyback program. The mentioned program refers to the intention to repurchase up to 200m shares from its shareholders (both in the form of shares and GDRs).
The company notes that an application for the endorsement of a tender offer for cash of its own shares in relation to the buy-back program was approved by the Fund’s Extraordinary Shareholders’ Resolution and was submitted yesterday for approval with the Financial Supervisory Authority of Romania.
It is expected that full details of the tender offer, including pricing, to be announced if and when the tender offer is implemented and approval is received from the FSA, which is expected to occur within 10 business days according to the regulations in force