On Friday, One United Properties’ share price declined by more than 8%, following the announcement and closure of the Accelerated Booking Building (ABB) program. In total, 234.2m of shares have been sold, with the gross proceeds of RON 216.9m. This would imply a gross price of RON 0.93 per share. Furthermore, ONE will not receive any proceeds from this transaction. The Selling Shareholders intend to use the proceeds mainly to subscribe shares in the future capital increase of the Company.

First of all, it should be noted that after the market closed on Tuesday, news started coming in that One United Properties was in the process of the ABB program. On Friday morning, the news was announced officially by ONE on the Bucharest Stock Exchange. According to the report, several One United Properties shareholders made the sale. These include OA Liviu Holding Invest, representing Andrei-Liviu Diaconescu as Sole Director, with a 27.7% share, Vinci VER Holding, representing Victor Capitanu, as a Sole Director, also with a 27.7% share, CC Trust Group AG, representing Claudio Cisullo, in his capacity as founder and Executive Chairman with 5.5% share, and Altius S.A., representing Marius-Mihail Diaconu, in his capacity as Director, with a 0.27% share.

Together in the ABB, these shareholders are referred to as “Selling Shareholders”, with a combined share of 61.2%. The sale refers to 360m shares, representing 9.48% of the Company’s share capital. Shortly after the publishing of the ABB program news on the exchange by ONE, the ABB program book was closed. On Friday, the share price of the Company declined by more than 8%. Furthermore, in total, 234.2m of shares have been sold, for the gross proceeds of RON 216.9m, implying a gross price of RON 0.93 per share.

Also, in the ABB release, it was noted that the Company will not receive any proceeds from the sale, but that the shareholders will use the proceeds to increase the Company’s share capital in the future share capital increase of the Company. It is also noted that the shares were sold to institutions and other eligible investors, which could explain the speed of the closing of the book. SSIF Swiss Capital acted as the Global Coordinator and Bookrunner in this Offering.

One United Properties, BET performance (2021* – 2024 YTD, %)

Source: Bloomberg, InterCapital Research

Share price as of ONE’s first trading day on 5 July 2021