QVT Surrenders To Adamescu The investment fund has exited Flamingo International for 5.1 million RON

After having requested the voluntary dissolution of Flamingo International (BSE:FLA), the investment fund QVT yesterday sold their 22 per cent in the electronics and home appliances retailer to local businessman Dan Adamescu, market sources reported. Following this transaction, Adamescu"s stake in Flamingo International would be 39.54 per cent.

The sale was performed on the "deal" market through a special transaction worth 5.1 million RON. The 171.1 million FLA shares changed hands for 0.03 RON/share, by 13.04 per cent below the closing price of yesterday"s session of the Bucharest Stock Exchange (BSE).

QVT exited Flamingo International shortly after the other shareholders had denied a QVT motion to dissolve the company during a General Meeting held in mid-August. On the same occasion, the shareholders approved the capitalization plan based on the issuance of 7 million EUR in corporate bonds convertible into shares.

Tension between QVT and the other Flamingo International shareholder grew even further after the investment fund went to court to obtain the annulment of the decisions made by the General Meeting of 17 August.

Flamingo International has a market value of 23.37 million RON, calculated at the price of 0.0345 RON/share set at the end of yesterday"s session of the Bucharest Stock Exchange.

Before yesterday"s transaction, Dragos Cinca was the leading shareholder with 25.2 per cent, whereas Dan Adamescu controlled 17.54 per cent via Nova Trade and Astra. Alexandru Ion Tiriac holds 5.12 per cent in Flamingo International.