Paul Prodan and Radu Momanu resigned from the board of Transilvania Investments

As of Friday, Paul Prodan and Radu Momanu resigned from the Supervisory Board of Transilvania Investments (TRANSI), according to a company report published on the website of the Bucharest Stock Exchange (BVB).

The members of the Transi Supervisory Board were elected in December 2020 for a four-year term. Currently, the board of the company based in Braşov includes the president Patriţiu Abrudan, the vice president Marius-Petre Nicoară and Constantin Fraţilă.

Starting tomorrow, Transilvania Investments will launch a buyback offer of 2.2 million own shares, equivalent to 0.1% of the share capital, at a price of 0.32 lei per share, above the Friday afternoon market price , of 0.276 lei. The offer, which will be brokered by Estinvest, will end on October 16. The redeemed shares will be distributed free of charge to members of the Supervisory Board, members of the Board of Directors and other people in the company, as part of a Stock-Option plan, according to a decision of the shareholders from last spring.

At mid-year, the first three holdings in the Transilvania Investments portfolio were Banca Transilvania shares worth 219 million lei, the equivalent of 14.7% of net assets, BRD-Groupe Societe Generale shares worth 188 million lei (12.6% of assets) and Turism Felix securities of 135 million lei (9% of assets).

For the end of August, the company reported a Net Asset Unit Value of 0.7079 lei, equivalent to a trading discount of 61%. The stock market valuation of Transilvania Investments amounts to 600 million lei.