The two proposals are included on the shareholders’ meeting scheduled on January 20, 2022.
The buyback programs are measures proposed by the Board of Directors, in accordance with EVERGENT’s Corporate Governance Code, to reduce the discount between the market price of the EVER share and the NAV per share, for the benefit of the shareholders.
Shareholders will discuss a proposal to reduce the share capital from 98.1 million to 96.1 million as a result of the cancellation of a number of 19.4 million own shares acquired by the company, in compliance with the EGMS Resolution no. 3 of April 29, 2021. In order to operate the reduction, shareholders also have on their agenda the approval of a buyback program with a view to reducing the share capital by cancelling shares.
Investment company Evergent Investments has a stock market capitalization of nearly RON1.19 billion. In January-September 2021, the company registered total assets of RON2.6 billion and a net result of RON180 million comprised of net profit of RON82.4 million and net earnings of RON97.9 million from the sale of assets reflected in the retained earnings.
Evergent has recently disposed of its holding in OMV Petrom, Alro Slatina, Transgaz and slightly reduced its holding in Nuclearelectrica to 0.294% from 0.309, namely by RON34 million.
EVER shares have been trading down 2.4% since the beginning of 2021, amid deals worth RON211 million.