Fondul Proprietatea sells the entire stake in Transelectrica

Fondul Proprietatea (FP) has completed the bookbuilding process for private placement on the Bucharest Stock Exchange, announced on July 8, 2014, of all securities held in Transelectrica. According to an informing from Franklin Templeton, the fund’s manager, the final number of offered shares is 9,895,212, equivalent to a 13.5 stake, valued at 21.5 lei each (approximately 4.88 euro per share).

Hence, FP has raised 212.7 million lei (some 48.3 million euro) upon completing the transaction. However, the price is slightly below the low price on the Bucharest Stock Exchange (21.95 lei) where Transelectrica’s securities are traded at an average price of 22.38 lei, based on the latest information available.

The bookbuild was 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 was 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 was destined for certain qualified investors and institutional buyers, respectively, along with other relevant persons in the UK.

The transaction was coordinated by Raiffeisen Bank and UniCredit that have acted as Joint Global Coordinators and Joint Bookrunners, whilst SSIF Broker has served as Joint Lead Manager.

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.

The fund was the second largest shareholder of Transelectrica after the Romanian State which controls the majority stake of nearly 58.7 percent of the total shares. The shareholders structure of Romania’s system and transmission operator additionally includes SIF Oltenia, with 7.25 percent, while the remainder of the securities is divided between natural and legal persons.

In June 2014, FP 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).



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