Intercapital Invest will buy back 5% of its stock to reward its employees

In their general meeting of March 16th, the shareholders of brokerage firm "Intercapital Invest" approved the buyback of 5% of the company"s stock (337,513 shares), and their distribution to employees.

The company will pay a maximum of 1.86 lei/share, which would put the company"s market value at 12.55 million lei.

The company expects sale offers within 20 days after the publication of the decision in the Official Gazette (April 16th).

According to the decision of the shareholders, the general manager of "Intercapital Invest", Răzvan Paşol will receive 202,506 shares for free, (3% of the company"s share capital), or three fifths of the shares bought back, in case the number of shares bought back does not reach 5%. Shareholders have empowered the Chairman of the Board, Răzvan Paşol, to distribute to employees the remaining 135,005 shares which the company intends to buy back.

Mr. Paşol declined to comment the decisions of the shareholders" meeting. saying that they concern the internal organization of the company. He did say however, that those decisions have nothing to do with the plans to float the brokerage firm on the stock exchange.

"The listing is still included in our plans, but we will not do it until the market returns at least to its 2007 levels", said Răzvan Paşol.

"Intercapital Invest" has a share capital of 6,750,270 lei. Horia Manda, John Klipper and Neculai Sandu, which make up the management team of the Romanian-American Enterprise Fund and Balkan Accession Fund hold 68% of "Intercapital Invest", while Eugen Voicu, the head of "Aviva Investors Romania", owns a 25% stake. Marius Muşat owns 5% of the brokerage firm.