Dan Ioan Popp's Impact shares gained 60 million euro

Impact’s shares grew by 5 percent yesterday, one hour before the Bucharest Stock Exchange (BSE) closed. The shares stopped their upward trend in that last hour, depriving Dan Ioan Popp of an extra €5 million, to add to the €59.8 million accumulated this year alone from the increase in value of his share package, with a final price at RON 1.2/per share.

Impact Developer & Contractor was one of the few important companies listed on the stock exchange to preserve an increased value from Monday, brought on by the new investors on the market.

Owing to the rise of the Romanian currency, the market value of Impact shares in euro rose by 87 percent, to €372.5 million, even though the price of these shares doubled. The increase in the shares’ value brought some RON 615 million, to reach RON 1.2 billion. Impact Developer & Contractor promises to develop projects on some 3 million square meters by 2016, with a focus on the construction of new homes, according to an announcement by the company on June 8.

The Greenfield project will have its debut this year, as will the development of the Lomb residential project in Cluj-Napoca, in association with the City Council.

Impact had net profits of RON 2.17 million (€650,664) in the first quarter of 2007, more than 7.2 times higher year-on-year.

“I am considering downsizing my share package, but as little as possible at the time of the next increase in capital that will amount to some €70 million,” Dan Ioan Popp told Business Standard. The two managers of Impact, Popp and Carmen Sandulescu, hold approximately 42 percent of the company’s shares, and should contribute some €30 million to retain their participation.

Carmen Sandulescu is Impact’s CFO, and has 11.31 percent of the company’s shares. Julius Baer Investment and East Capital investment funds hold 5.05 percent and 5.35 percent, respectively, of the capital.