Shareholders also approved a share buyback program in order to reduce the share capital by canceling the shares, the report shows. The maximum number of shares that can be bought back is 23,100,000 and the price per share is RON2.2, which means the program may reach RON50.8 million, according to calculations by Ziarul Financiar (ZF) daily.
The payment of the repurchased shares will be made from the distributable profit or from the company’s available reserves entered in the latest annual financial statement approved, except for the legal reserves registered in 2020 financial statements.
“A major objective of EVERGENT Investments is to reduce the discount between the net asset and the EVER trading price, so that to get closer to the net asset value per share. The new share buyback program, the sixth, pursues this goal, thus resulting in benefits for shareholders, such as: increasing the liquidity of the EVER share and the profit per share, for the shareholders who decide not to sell. Also, the possible increase of the stock market quotation will be added to the total return of the company’s shareholders’ portfolios”, the company reported.
The average return of Evergent Investments capital distributions is 10.2% in the last ten years (total distributions of RON820.6 million). In the same period, the company’s data show the total annualized return is 14.1% (capital appreciation and distributions).
Evergent Investments has a stock market capitalization of RON1.2 billion. EVER shares have been trading down 4% in the past year, amid deals worth RON213 million, in line with stock market data.