The transfers were done via two offshore vehicles in Cyprus – Napakate Limited and Vmark Limited and entailed switching large stakes from direct to indirect ownership, via companies controlled by the same end beneficiaries.
According to the notifications sent to the Bucharest Stock Exchange under Law 24/2017, Dociu Alin Adrian went from holding 10.58% to 0%, while Napakate Limited, a company whose sole shareholder and real beneficiary he is, went up to 22%. Vasile Constantin Catalin went from 16.91% to 6.33% directly owned, while Vmark Limited, an entity fully owned by him, saw its stake go up to 22%.
Aquila explained the transactions were intra-group transfers, conducted between entities under the same control, so the control structure of the issuer remained unchanged, even though the shares were moved from the personal portfolios of the shareholders to their offshore vehicles. The end beneficiaries remain the same, while their consolidated holdings remain unchanged.
Aquila has a RON1.7 billion capitalization.
(English version by Loredana Fratila-Cristescu)