Romania’s financial supervisory authority ASF approved in June the prospectus for the secondary public offering of 383,791,140 shares held by Vimetco and Conef in Alro Slatina, at a nominal value of RON0.5 per share.
“Alro, together with its shareholders Vimetco N.V. and Conef S.A., announces that no pricing agreement has been agreed between the company, the shareholders and the managers in relation to the secondary public offering of shares launched by the Shareholders for up to 383,791,140 shares issued by the company and, therefore, the conditions for a successful closing of the offer have not been met,” Alro said in a note to investors.
The primary objective of the company and the shareholders has always been to create shareholder value by increasing the free float to better reflect the underlying value of the business in Alro’s share price. Alro and the shareholders remain committed to this objective. Unfortunately, due to adverse market conditions, the company and the shareholders do not believe that the offer ultimately presented an opportunity for this, it added.
Alro Group is one of the largest vertically integrated aluminum producers in Europe measured by production capacity with operations throughout all major stages of aluminum production.
The group consists of upstream and downstream divisions, from the mining and refining of raw materials to the production and sale of primary and processed aluminum products (comprising flat rolled products and extruded products).
Vimetco N.V. holds 84.2% of the shares in Alro, Conef holds 3.8%, and investments fund Fondul Proprietatea holds 1.2%.