Fondul Proprietatea aims to sell its stake in Transelectrica
Franklin Templeton, the manager of Fondul Proprietatea (FP) has announced its intention to sell up to 9,895,212 of shares, equivalent to the 13.5 percent stake currently owns in Transelecetrica, Romania’s system and transmission operator.
According to a notification posted on the website of the Bucharest Stock Exchange, where both the fund and Transelectrica are listed, the securities will be sold via an accelerated bookbuild in a private placement.
The bookbuild is addressed exclusively to qualified investors and/or to certain other investors without exceeding 100 or 150 natural or legal persons per Member State, other than qualified investors. In Romania, it is directed towards qualified investors and, additionally, to fewer than 150 natural or legal persons, while in the United Kingdom and the United States, the offer is destined for certain qualified investors and institutional buyers, respectively, along with other relevant persons in the UK. The transaction will be coordinated by Raiffeisen Bank and UniCredit that will act as Joint Global Coordinators and Joint Bookrunners, whilst SSIF Broker will serve as Joint Lead Manager.
As the same informing states, FP has agreed to a 180 day lock-up period from the closing of the private placement, subject to waiver with the consent of the bookrunners and to certain customary exceptions.
Transelectrica’s sharehloders structure comprises the Romanian State which controls the majority stake of nearly 58.7 percent of the total shares, Fondul Proprietatea, which owns the second largest stake of almost 13.5 percent, followed by SIF Oltenia, with 7.25 percent, while the remainder of the securities are divided between natural and legal persons.
In June 2014, the fund also run an accelerated bookbuild through which sold an aggregate of 19,243,000 shares in Romgaz, corresponding to a 5 percent stake. The transaction was successfully completed, generating gross proceeds of 644.6 million lei (198.6 million euro).
