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Price interval for Transgaz titles was set between RON 171 and 230/unit
The secondary public offering for 15% in Transgaz Medias will be held at a minimum price of RON 171/title and a maximum price of RON 230/title. The offering period is between April 4th and April 16th, for 9 working days. Basically, the offering starts on Thursday, April 4th, the second day after the Government approved the sale strategy. [cleeng_content id=”619281346″ description=”Buy this translation today. This article has 4571 characters with spaces. ” price=”6.49″ t=”article”]There will be three subscription tranches: that of small subscriptions, of up to 1,000 shares, of large subscriptions, of over 1,000 shares, and of institutional investors. The allocation date is April 17th, the date of the actual trading will be on April 22nd and the settlement date is April 25th. “The Intermediation Union announces the approval by the Government of Romania of the subscription price interval within the secondary public offering for Transgaz shares and the approval by the National Securities Commission (“CNVM”) of the Prospectus of the secondary public offering for selling 15% of the total number of shares (respectively a number of 1,766,077 shares) issued by the National Natural Gas Transmission Company Transgaz S.A. Medias (“Transgaz”). The offering starts tomorrow, on April 4th 2013, and will last 9 working days, i.e. until April 16th 2013 (inclusively)”, a communique of the union reads.
Conditions of subscription
• The offering includes three subscription tranches, i.e. the tranche for institutional investors (representing 85% of the shares offered, with possibility of changing this level), the tranche for large subscriptions (representing 8% of the shares offered, with possibility to change this level) and the tranche of low subscriptions (representing 7% of the shares offered, with possibility to change this level).
• The institutional investors tranche includes credit institutions, investment companies, undertakings for collective investments, investment management companies, insurance companies, pension funds and pension funds management companies, traders, trust companies.
• Institutional investors may subscribe any number of Transgaz titles at a price within the interval of the subscription price, i.e. RON 171 – 230/unit (including the limits of the interval).
• The selling price of the shares to institutional investors will be equal with the highest price at which the tranche of institutional investors is subscribed at the subscription level immediately inferior to that of 150%, as appropriate. If the tranche of institutional investors is subscribed at a lower level than 150%, the selling price of the shares to institutional investors will be equal with the lowest subscription price recorded in the tranche of institutional investors.
• Shares will be allocated to institutional investors based on qualitative allocation criteria, including the quality feedback during the pre-marketing process, subscriptions made in the first days of the offering, the investment horizon of the investors, subscriptions made at a subscription price as close as possible to the highest subscription price, the subscription of a large number of shares.
• The tranche of large subscriptions addresses to investors, other than the institutional ones, who subscribe a minimum number of 1,001 shares at the price of RON 230/unit. The price at which the shares are sold within the tranche of large subscriptions will be equal with the price at which the shares are sold to institutional investors. The allocation within the tranche of large subscriptions will be made after the pro-rata method.
• The tranche of small subscriptions is addressed to investors, other than the institutional ones, who subscribe any number of shares between 10 and 1000 shares (inclusively), at the price of RON 230/share.
• Investors who subscribe shares within the tranche of small subscriptions will benefit from a discount to the selling price compared with the price at which the shares are sold to institutional investors. Thus, investors subscribing within the tranche of small subscriptions in the first three working days of the offering will receive a 5% discount, while those subscribing starting with the fourth working day of the offering will receive a discount of 3%. The allocation within the tranche of small subscriptions will also be pro-rata.
The Government on Wednesday approved the sale of a 15% stake in Transgaz. The 15% stake represents an additional share package to be sold on the stock exchange. Transgaz was listed on BSE five years ago, when a 10% stake was sold. After the sale of the shares on the stock exchange, the company will be transferred to the Ministry of Finance from the Ministry of Economy. The SPO for selling a 15% stake in Transgaz had to be launched in October 2012, but it was postponed for April 2013, according to commitments to the IMF. The offering was intermediated by the brokerage consortium consisting of Raiffeisen Capital & Investment, Wood & Company Financial Services and BT Securities.[/cleeng_content]
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