CNVM ordinance on Rompetrol Rafinare squeeze-out

CNVM motivated its decision by the fact the Romanian state is going to receive a significant stake in RRC following the conversion of a part of USD 750 mn debt in RRC stock and a listed company would offer better exit opportunities. CNVM decision can be contested within 30 days. We remind that TRG announced its intention to payback only a part of the debt, with the balance to be converted into RRC stock in Romanian state favor. Consequently, TRG will remain the majority shareholder with a stake of just over 50% compared to 99% in present.