As such, the Investment Manager informed shareholders that it submitted for approval to the Financial Supervisory Authority an application for a tender offer for cash of its own shares in relation to the sixth buy-back program approved by the Shareholders’ Resolution of April 27, 2015, according to Fondul Proprietatea’s announcement submitted to the Bucharest Stock Exchange.
The Investment Manager also informed shareholders and investors that it engaged Wood & Company Financial Services, A.S. as intermediary in relation to the purchase of shares and intends to engage Goldman Sachs International and Wood & Company Financial Services, A.S. as dealer managers and The Bank of New York Mellon as tender agent in relation to the purchase of global depositary receipts (“GDRs”). Under this tender offer, the Fund intends to repurchase up to 575,000,000 shares (both in the form of shares and GDRs) from its shareholders, as per the announcement.
“It is expected that full details of the tender offer, including pricing, will be announced if and when approval is received from the FSA, which is expected to occur within 10 business days according to the regulations in force,” the announcement also reads.
In light of this development, Fondul Proprietatea also reports that the daily execution of the buy-back programme with respect to shares on the Bucharest Stock Exchange and GDRs on the London Stock Exchange has been suspended from June 27, 2016.