Shareholders of Fondul Proprietatea placed 3.51 billion of their shares under the buyback bid organised by the fund's manager, which is 2.1 times more than the target size of the operation: some 30% of the fund's shares.

The buyback bid was operated at RON 0.6319, compared to the RON 0.5190 closing price on December 5.

The market operation took place both in Bucharest and the London Stock Exchange, where Global Certificates of Deposit with FP shares are listed.

Since the offer was oversubscribed, the allocation method will be pro-rata (475 shares bought back by Fondul Proprietatea from shareholders for 1,000 shares subscribed), according to the offer document published by the fund.

iulian@romania-insider.com

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