“The increase in the share capital will be carried out through the capitalization of reserves from the net profit of the year 2020, in amount of RON 573,769,971, by issuing a number of 573,769,971 shares, with a nominal value of RON 1/share in the benefit of the shareholders registered with the Shareholding Register held by the Central Depository at the registration date that will be established by the GSM (proposed date September 10th, 2021)”, the summoning note shows.
Shareholders are also summoned to approve a program for the repurchase of up to 35 million shares, at a minimum price equal to the market price on the Bucharest Stock Exchange at the time of acquisition and a maximum price of RON3.5. By comparison, TLV shares closed at RON2.4/unit on Thursday, which means the share buyback program has a 46% higher maximum price.
Other issues on the agenda: “Approval of the date of September 10th, 2021 as the registration date and of the ex-date – September 9th, 2021, for the identification of the shareholders who will benefit from the results of the Extraordinary GMS and to whom the effects of the Extraordinary GMS Decisions are applicable, including but not limited to the identification of the shareholders who will benefit from the shares allocated following the capital increase.”