This is part of a stock option plan program with a view to implementing a remuneration system of the employees and executives of the Teraplast Group member companies, which should ensure the compliance with the principle of long-term performance and an employee loyalty program.
According to calculations by Ziarul Financiar, the total value of the program may rise to maximum RON2.5 million.
“The payment of the repurchased shares is made out of the distributable profit or the company’s available reserves, recorded in the last annual financial statement approved, except for legal reserves, according to provisions of article 103 (1) of Law No. 31/1990, as updated,” the report reads.
“The nominal value of the own shares thus repurchased may not exceed along with any other own shares owned by Teraplast S.A. the 10% limit threshold of Teraplast S.A.’s subscribed share capital,” per the report.
TeraPlast Bistrita shares have bene trading up 60% since the start of 2020, amid deals worth RON82.8 million, ensuring the company a market value of RON617 million.
TeraPlast Bistrita is 46.8% owned by businessman Dorel Goia, 11% held by private pension fund NN Pensii, while Luxembourg-based investment fund KJK Balkan Holding owns a 10% stake.