March 23 (SeeNews) - Bulgaria’s Financial Supervision Commission (FSC) said it approved the publication of a revised share buyback proposal by local real estate investment trust (REIT) Invest Property [BUL:INVE].
Sofia-based Karoll will act as investment intermediary on the share buyback,the regulator said in a statement on Tuesday.
Invest Property is offering to buy back up to 1.67 million shares, representing 100% of its equity capital and voting rights, priced at 0.43 levs ($0.24/0.22 euro) apiece, according to information published on the REIT's website. As three of the company's shareholders have stated they will not accept the current offer, Invest Property will only be able to repurchase up to 5,000 shares, representing 0.30% of its capital.
The FSC issued in February a temporary ban on the publication of Invest Property's initial proposal, requiring the company to first address a number of deficiencies, including ones related to the price motivation section.
(1 euro = 1.95583 levs)