Flamingo’s founder expecting an opportunity to exit

“I do not feel that the Flamingo share will reach a high enough level by 2009-2010 to warrant my exit. Now is not the right time to sell. Those interested in buying are expecting a discounted price, and this would not be to my advantage,” said Cinca, shareholder of Flamingo International. “The Flamingo share continues to be attractive, and at present I want to buy, not sell,” added Cinca. Flamingo shares were quoted yesterday at RON 0.285 (€0.076), with the annual high in 2007 at RON 0.450 (€0.12) and the low RON 0.276 (€0.074), according to the Bucharest Stock Exchange (BVB).

Cinca prefers a strategic investor as he feels this will ensure that the business will continue to grow.

At the beginning of this year, Dragos Cinca took a first step in his withdrawal from the company, by resigning as Chairman of Flamingo’s Board of Directors, passing on this responsibility to Dragos Simion, who served as Vice Chairman.

Cinca also reduced his share package to ensure sufficient liquidity for his real estate project. “I have a real estate project worth some €100 million, which I think I will start in 2009 in the capital. I am unable to provide details at this time.”

As concerns the strategy of the Flamingo retailer, with business budgeted at €210 mln this year, the main shareholder believes that once the €400 mln turnover threshold is exceeded “it will be good to be part of an international network, which will ensure we have a presence abroad,” added Cinca.