Fondul Proprietatea (BVB: FP) will launch a buy-back offer for almost 12% of the share capital at a price of RON 0.6319 per share, according to an announcement published by Franklin Templeton, FP's administrator, quoted by Bursa.ro.

The Financial Supervisory Authority (ASF) approved the buy-back offer for 670 million shares, equivalent to almost 11.8% of FP capital, which will take place between October 31 and December 5 this year.

Immediately after the announcement of the approval of the offer, FP shares rose strongly, closing up by 10.4% at RON 0.46. Thus, the price FP is ready to pay for its shares is 37% above the latest closing price (October 24).

In the case of Global Certificates of Deposit, listed in London, FP will pay the value in dollars equivalent to RON 31,595 per certificate.

The allocation method in the case of oversubscription will be pro-rata, with Swiss Capital being the intermediary of the market operation.

iulian@romania-insider.com

(Photo source: Dreamstime.com)