The Association of Capital Market Investors (AIPC) says the 1.21lei/share price, at which investment vehicle Avaliser Tradingrecently took over a 9.46% stake in Prodplast Bucureşti (PPL.RO)should not be considered when setting the price in the tender offerthat Florin Pogonaru has to conduct.
At stake are the around EUR3 billion in additional amount thatPogonaru could be forced to pay to minority shareholders as part ofthe tender offer.
Avaliser Trading, registered in Cyprus, was recently reported asacting in concert with Pogonaru's group, together controllingaround 40% of Prodplast. Avaliser bought around 6.5% in Prodplastfrom Broadhurst investment fund in March, ending up with a 9.46%stake.
The transactions conducted by Avaliser Trading Ltd. Cyprus couldmanipulate the price in the future mandatory tender offer," sayrepresentatives of the association, who ask that capital marketwatchdog CNVM (National Securities Commission) intervene in thiscase.
Prodplast minority shareholders have been waiting for over ayear for Pogonaru to submit the documentation to the capital marketwatchdog in order for the tender offer to be conducted, as requiredby law, after in January 2010 it was reported on the Stock Exchangethat he had crossed the 33% control threshold. The watchdog finedPogonaru's companies in December for not running a tender offer atProdplast.
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