Unirea Shopping Center fails to block Infinity Capital's takeover bid for Electromagnetica

The Bucharest Court of Appeal rejected the request made by Unirea Shopping Center regarding the request to suspend the decision by which the Financial Supervisory Authority (ASF) approved the mandatory public takeover offer of Electromagnetica by Infinity Capital Investments, according to a report published yesterday by former SIF Oltenia, on the website of the Bucharest Stock Exchange (BVB).

The court also ordered Unirea Shopping Center to pay 12,000 lei as court costs (lawyer's fees) to Infinity Capital Investments. The court's decision, which was pronounced on November 8, is not final, and can be appealed within five days of notification.

On October 24, the ASF approved the mandatory public takeover offer of Infinity Capital Investments for 62.9% of Electromagnetica, an operation that takes place between November 1 and 14. The price at which Infinity Capital Investments purchases shares in the offer is 0.181 lei per title, below the current market price.

On September 20, Infinity Capital Investments acquired 8.9% of Electromagnetica, thus ending up owning about 37% of the producer and supplier of energy and lighting fixtures.

Also yesterday, the former SIF Oltenia announced the sale of 25.8 million Băile Tuşnad shares, equivalent to 8.57% of the company, at the price of 0.05 lei per share, through the "special order sale" method, on the stock market offers and special operations of BVB, the transactions being carried out on November 8. Infinity Capital Investments is in the process of selling stakes in smaller portfolio companies.

For the month of September, the company reported a Net Asset Unit Value of 5.4245 lei, which, compared to yesterday morning's share price of 1.73 lei, equates to a trading discount of 68%. At the end of Wednesday's trading session, the valuation of the former SIF Oltenia amounted to 865 million lei.