Shareholders of THR Marea Neagră approved the sale of some assets

Shareholders of THR-Marea Neagră, led by Transilvania Investments, approved the sale of some hotels, restaurants and land by public auction, according to a company report published yesterday on the website of the Bucharest Stock Exchange (BVB).

The targeted assets are the Măgura Hotel with its annexes, at a starting price in the auction of three million euros without VAT; Vraja Marii Complex, with a starting price of two million euros without VAT; as well as two plots of land located in the Saturn resort, with areas of 21,366 square meters and 76,395 square meters, the starting prices of the auctions being 2.5 million euros, respectively 7.5 million euros without VAT.

The auctions will be held in compliance with the right of preemption provided for in the rental contracts, if applicable, according to the THR-Black Sea documents.

Also, the contracting of a short/medium-term loan was approved in order to cover the company's temporary liquidity needs, in the amount of a maximum of five million euros or the equivalent of this amount in lei.

At the same time, the shareholders ratified the lease of the Tosca and Semiramis buildings, from the Saturn resort. Another decision of the AGM was the election of Vasile Cosmin Turcu to the company's Board, in the place left vacant by Şerban Marin.

THR-Marea Neagră is in a process of partial division through which part of the company's patrimony is transferred to a new company that will be of a closed type, called Hoteluri Restaurante Sud. The division received the vote of the majority of THR-Marea Neagră shareholders, and for those who did not agree with the operation, the company will buy their shares at the price of 0.4414 lei per share, set by the Darian appraiser. The withdrawal price is equivalent to 73% of the accounting value of the EFO share, which caused the dissatisfaction of some investors. In the division project, the appraiser applies two methods - the income approach and the market approach. In the end, the evaluator only chooses the income approach for which he claims that there is better accuracy than that of the market approach.

Transilvania Investments owns 79% of the company with a tourist profile, whose market value is around 220 million lei.