Prodplast Imobiliare Considers 10% Stake Buyback If Left On ATS

05.25.2011 By Andrei Cîrchelan

Prodplast Imobiliare might buy back as much as 10% of its stock if it fails to move, in June, from the alternative trading system of the Sibiu bourse to a regulated market.

The shares would be bought back from the holders who disagree with the transfer, according to an amendment to the shareholder meeting summoning. The change in agenda was requested by three companies owned by businessman Florin Pogonaru, namely Floreasca Development, Central European Financial Investments and Nord Bucuresti, which hold 35.66% of Prodplast Imobiliare stock between them.

Shareholders will discuss the move to a regulated market on June 14.

The buyback may involve a price per share between 4.87 lei (EUR1.18) and RON6.

Prodplast Imobiliare shareholders decided in July 2010 to list the company on the ATS. However, when the company was detached from plastic items maker Prodplast (PPL.RO), in August 2008, stockholders had decided to float the newly formed firm on the Bucharest Stock Exchange.

Securities regulator CNVM asked the company to discuss a move to the regulated market since, according to its data, several minority shareholders stayed within the structure after being assured the stock would be floated on a regulated market.

The largest shareholders in Prodplast Imobiliare are businessman Florin Pogonaru with 36% and regional investment fund SIF Oltenia (SIF5.RO) with 28.35%.

Prodplast Imobliare has a share capital of RON20.7 million, divided into 20.7 million shares with a face value of RON1.