Turism Felix, a company controlled by SIF Transilvania, aims to buy back 1% of its share capital. It is the 3rd company in the hotel industry to initiate a buy-back program since the beginning of autumn. All are from SIF portfolios.
Turism Felix, the hotel company from Baile Felix, has convened the Extraordinary General Meeting of Shareholders for November 18-19, with the agenda including the approval of a buy-back program for 4.96 million own shares, representing 1% of the share capital, acquisitions to be made at a price equal to the market price, but not higher than 0.4000 RON/share.
The program is to be executed within 9 months from the publication of the EGMS resolution in the Official Gazette.
The acquired shares, which at the current market price of 0.2840 RON/share would give the total packages a value of 1.41 million RON, are to be distributed within a “stock option plan” to the company’s administrators, directors, and employees, in order to increase efficiency and loyalty, according to the convening notice.
This is a similar destination to the operation prepared at THR Marea Neagra which, according to the convening notice for the EGMS on October 22, also mentions the acquisition of 5.78 million own shares, representing 1% of the share capital, at a maximum price of 0.15 RON/share.
Source: Profit
Frequently Asked Questions
What is the purpose of the Turism Felix buy-back program?
The repurchased shares will be distributed to administrators, directors, and employees through a stock option plan to boost efficiency and loyalty.
How many shares does Turism Felix plan to repurchase?
The company aims to buy back 4.96 million shares, which represents 1% of its total share capital.
What is the maximum price set for the share buy-back?
The acquisitions will be made at the market price, but will not exceed a maximum threshold of 0.4000 RON per share.