The package of 171.1 million shares was transferred by a negotiated deal worth RON 5.13 million €1.2 mln), at a price of RON 0.03/share, equal to the market quotation set at the end of last week.
The bond issue will first be offered to shareholders, while unsubscribed shares will subsequently be made available to other investors. The offer was developed for those who believe in the company’s comeback, said Dragos Simion, President of Flamingo.
The retailer registered losses worth RON 22.19 mln (€5.5 mln) in the first six months, while net turnover dropped 24 percent, to RON 372.6 mln (€88.09 mln). Direct competitors on a market estimated to be worth €1 billion and subject to a 50 percent decline in H1 2009, are Altex and Domo.
Flamingo International (FLA) presently has a share capital worth RON 77.91 mln, divided into 779.05 million shares, with a nominal value of RON 0.10. The company has a market value of RON 23.37 mln (€5.5 mln), according to the RON 0.03 quotation, set in Friday’s stock exchange session.
