Meta Estate Trust buys back its preferred shares

Meta Estate Trust, a holding company operating in the real estate sector, has sent the repurchase agreements to the holders of preferred shares by e-mail, according to the repurchase plan approved in the meeting at the end of last year, according to a report by the issuer published on the website of the Bucharest Stock Exchange (BVB).

Thus, Meta will repurchase a maximum of 11.2 million preferred shares, equivalent to almost 11% of the share capital, at the price of 2.8 lei per share, determined following an independent valuation report commissioned by the company. The deadline for signing the agreements by the holders of preferred shares who wish to participate in the repurchase program is February 28, according to the shareholders' decision.

"The receivable resulting from the price due will be used in a conversion into ordinary shares through a capital increase that will be initiated within a maximum period of three months from the end of the redemption period," the BVB document states.

Therefore, those who opt for redemption will subsequently receive ordinary shares of Meta Estate Trust, as shown in the report. Last year, the company's ordinary shares fluctuated in a channel delimited by the quotations of 0.6 lei and 0.7 lei. In November 2024, Meta shareholders approved the initiation of procedures for the transfer from the AeRO Market to the Main Market of the Bucharest Stock Exchange.

"The completion of the necessary formalities in order to fulfill the mandate granted according to this decision will be carried out within a maximum period of 24 months from the date of adoption of the decision," the convening notice states, according to the information at the time.

For the first nine months of last year, Meta Estate Trust reported a turnover of 11.7 million lei, three times higher than in the same period of the previous year, while net profit amounted to 7.4 million lei, in line with the expected budget and with an advance of 4% over the similar period in 2023. The current valuation of the company amounts to about 60 million lei.