The sum is likely to vary, considering the shareholder exit price is not the market one, but will have to be set by an expert that has several calculation methods available.
Comcereal Vaslui has a bourse capitalization worth RON56.7 million. Another nine grain producers, with an overall market capitalization of RON70 million, are traded on RASDAQ. Of these, five will be delisted amid RASDAQ market disbanding and the rest will switch to the alternative system operated by BVB.
The decision to delist Comcereal Vaslui was made during the general meeting of shareholders (AGA) of early March and the shareholders who voted against delisting, as well as the ones who did not attend the AGA have the right to withdraw from the company.
The company has already received an exit request from one of the investors and will have to appoint a licensed expert to set the withdrawal price minority shareholders will get.
Porumboiu currently owns 90.07% in the grain producer through Racova group and Mopan company. The businessman has repeatedly tried to take over from minority stakeholders the rest of stock that would grant him full control of the company. However, according to him, he had difficulty in finding those who own the stock.
Things may change, though, if the assessor sets an attractive price stirring interest on the market.
The company in January-June 2014 saw its net sales fall by 44% to RON62.8 million against the year earlier period. The ratio between current assets and current liabilities, indicating the company’s liquidity and its capacity to pay its short-term debts, stands at 0.7.
Comcereal Vaslui floated on RASDAQ in 1996 in the wake of the mass privatization process. The company owns warehousing spaces with a capacity of 290,00 tons, three livestock farms and a bakery.
(English version by Catalina Apostoiu)