Flamingo officials could not be contacted by the closing of the print edition. Sources close to the company said that QVT exited Flamingo, and possible buyers are Dan Adamescu and Alexandru Ion Tiriac.
The 171.1 million share package was the object of a deal, at a price of RON 0.03/unit, equal to the market quotation, set at the end of last week.
There was a major conflict between the investment fund and the other Flamingo shareholders this summer, when QVT requested that the dissolution of the company be included on the agenda of the General Meeting of Shareholders (GMS) on 17 August. The request was outvoted by 80 percent of the votes, but the company’s recapitalization plan, through a bond issue, was approved. Later on, the fund challenged the GMS decision in court.
The retailer posted losses worth RON 22.19 mln (€5.5 mln) in the first six months of this year, considering that its net sales fell 24 percent, to RON 372.6 mln (€88.09 mln). Flamingo International currently has a RON 77.91 mln share capital, divided into 779.05 million shares with a nominal value of RON 0.10. The company’s market value is RON 23.37 mln (€5.5 mln), based on the RON 0.03 quotation, set in Friday’s stock exchange session.
