Fondul Proprietatea plans to buy back 640 million shares - in the form of both shares and global depositary receipts (GDRs) - under its 7th buyback program, reads an ad on the website of the Bucharest Stock Exchange (BVB).
Franklin Templeton Investment Management notifies the shareholders and investors of having appointed Wood & Company Financial Services as intermediary for the stock acquisition, and plans to appoint Goldman Sachs International and Wood & Company Financial Services as dealer managers, and The Bank of New York Mellon as tender agent for the purchase of the GDRs. Under this tender offer the Fund intends to buy back up to 640,000,000 shares from its shareholders, the cited source mentions.
The full details of the tender offer, the pricing included, will be announced if and when approval is received from the Financial Supervisory Authority (ASF), which is expected to occur within 10 business days according to the regulations in force.
The Fund also informs that the daily execution of the buy-back program with respect to shares on the Bucharest Stock Exchange and GDRs on the London Stock Exchange has been suspended from January 23, 2016; any restart after the closing of the tender offer will be announced in due course.
The filing of the application for the approval of the envisaged tender offer does not constitute a guarantee that the Fund will actually proceed with the tender offer; the Fund's decision to launch the tender offer will depend on several factors (including the market conditions and the approval of the tender offer documentation by the ASF), reads the document released on the BVB site.
Fondul Proprietatea shares on Friday morning appreciated by 0.69 pct and changed hands in 45 deals worth a total of 747,610 lei. The share price advanced 8.95 percent in the last month.
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