GENERALI PPF buys with RON 1.3 million the withdrawal of minority shareholders of ARDAF
 GENERALI PPF, the majority indirect shareholder of ARDAF, will pay RON 1.3 million to the minority shareholders, so that they retire from the company, in order to delist it from the RASDAQ market, according to a release submitted to the Bucharest Stock Exchange.
The 11.8 million shares held by minority shareholders, representing 1.08% of the capital of ARDAF, will be bought by GENERALI PPF, and minority shareholders will receive RON 0.11 per title.
ARDAF shares have been suspended since December 2, current year, from RASDAQ market transactions, according to a decision of the National Securities Commission, submitted to the Bucharest Stock Exchange. In addition, GENERALI PPF Holding, the majority shareholder of ARDAF, required the minority shareholders to withdraw from the company, announcing that the insurer would be delisted from BSE.
ARDAF is indirectly controlled by PPF GENERALI Group, through IBERIAN Structured Investments, which owns 98.87% of the insurer, a share increased by 16.87% in the public takeover offer which was conducted in June this year. In the tender, GENERALI PPF paid RON 20.2 million for the shares purchased in the offer.
Also, in the General Assembly of Shareholders, dated July 22, the ARDAF shareholders approved the increase of the share capital of the insurer with RON 200 million, this reaching, thus, the value of RON 309 million.
Author: Andreea IONETE
on 08.12.2009
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