“The Board of Directors of TeraPlast S.A. has approved the start on February 12, 2024 of the process of own shares repurchase, under the conditions approved by the Extraordinary General Meeting (EGM) Decision no. 1 dated April 28, 2023 (published in the Official Gazette of Romania no. 2576 of 13.06.2023), namely repurchasing a number of maximum 2.764.610 shares with the nominal value of 0.1 lei/share, at a minimum price equal to the BSE market price at the time of the purchase and a maximum price of 1 leu/share, within the limit of a 2.764.610 lei budget, for a period of max. 18 months from the date of publishing of the EGM Decision in the Official Gazette of Romania Part IV. The own shares repurchased by the Company shall be offered to the employees, members of the management of the Teraplast Group companies, directors and executive directors of the Company, gratuitously, within a stock option plan,” as per the report.
The same report says that ” the payment of the repurchased shares shall be made from the distributable profit or from the available company reserves, recorded in the last annual financial statement approved, except for legal reserves, pursuant to the provisions of Article 103 (1) of Law no. 31/1990, updated.”
The company has a market value of RON1.3 billion and is 46.8%-owned by Dorel Goia, while private pension fund Fondul de Pensii Administrat Privat NN owns a 12% stake. TRP shares have gained 17.9% so far in 2024, amid deals worth RON20 million, in line with stock market data.
TeraPlast ended the first nine months of 2023 with a net profit of RON6.8 million and revenue of RON517 million. In the same period of 2022, the company had a net profit of RON16.4 million and revenue of RON564 million, which translates into declines of 59% and 8%, respectively.