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SIF1 and Erste sign accord to transfer BCR stocks

The Financial Investments Company SIF1 Banat Crisana and Erste Group Bank AG (EGB) signed the documents to transfer to the latter the shares the former holds in the Banca Comerciala Romana (BCR), informs release sent to the Bucharest Stock Exchange (BVB).

The deal includes shares exchanges and cash payment, namely SIF Banat Crisana receives Erste Group Bank AG (EGB) shares in exchange to 515,104,687 BCR stocks, at an exchange rate of 1:127.9583, whereas SIF Banat Crisna is paid cash for selling 103,020,938 BCR stocks to Erste Grpoup Bank AG for 1.0385 lei per share, and SIF Banat Crisana is to receive cash for the 33,256,302 BCR shares issued in 2011, it sells to Erste Group Bank AG after having included the 2010 profit, at a price of 0.5 lei per share.

In the end of the transaction, SIF Banat Crisana will hold about 1 percent of the EGB shares, and may issue disposition acts with the Group stocks, for utmost 25 percent of the EGB shares, immediately after the purchase, and at every 6, 12 and 18 months, respectively. All restrictions are lifted after 18 months from the sale.

At the same time SIF Banat Crisana gives up its right to claim the BCR shares to be listed, and its special right to dividends.

Erste Group Bank AG (Erset Group) announced on Sept 14 that it reached an accord of principle with other four Financial Investment Companies (SIFs), minority shareholders of the Romanian Commercial Bank (BCR) such as SIF Banat Crisana, SIF Transilvania, SIF Muntenia and SIF Oltemia, on buying 24.12 percent of the BCR stocks, namely 2,618,286,036 shares.

Sursa: http://www.actmedia.eu

Tags: sif bcr erste shares group banat crisana stocks bvb

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