The Financial Supervisory Authority (ASF) has approved two major market operations initiated by the alternative investment fund Transilvania Investments Alliance. These moves target a public tender offer for the shares of the hotel company Aro-Palace Brașov and a public offer for the buyback of its own shares, consolidating the fund’s position in the tourism sector and the capital market.
The public tender offer for Aro-Palace Brașov targets a package of 16.2 million shares, representing 4% of the company’s share capital, at a price of EUR 0.085 per share. This rate is approved at half compared to the current market trading price of EUR 0.161 per unit. The nominal value of a share is EUR 0.019. The transaction totals EUR 1.37 million, to be carried out between July 2 and July 15 under the intermediation of brokers from Estinvest. Currently, Transilvania Investments holds an 85.7% stake in Aro-Palace’s capital.
Concurrently, ASF approved the public offer through which Transilvania Investments will buy back a volume of 160 million of its own shares, representing 7.52% of its share capital. The purchase price is set at EUR 0.12 per share, with the total amount allocated by the fund being a maximum of EUR 19.23 million. This operation is scheduled for the period July 1 – July 14 and will be intermediated by BT Capital Partners.
Recently, Transilvania Investments Alliance reported the completion of a double transaction with Winners First, a company controlled by the Ciorcilă family, which manages the Radisson Blu hotel in Cluj. Through this move, the fund acquired a 10.25% stake in Aro-Palace from Winners First for EUR 3.15 million. In parallel, the fund and Turism Felix sold a 68.6% stake in Turism Lotus Felix to the same entity, with the transaction value amounting to EUR 9.36 million.
Frequently Asked Questions
What operations of Transilvania Investments were approved by the ASF?
The ASF approved a public tender offer for Aro-Palace Brașov shares and a public buyback offer for Transilvania Investments’ own shares.
What are the details of the Aro-Palace Brașov offer?
The offer targets 16.2 million shares (4% of capital) at EUR 0.085 per share, totaling EUR 1.37 million, running from July 2 to July 15.
How many of its own shares will Transilvania Investments buy back?
The fund will buy back 160 million of its own shares (7.52% of capital) at EUR 0.12 per share, with a maximum budget of EUR 19.23 million.