February 24 (SeeNews) - Bulgaria’s Financial Supervision Commission (FSC) issued a temporary ban on the publication of a share buyback proposal of local real estate investment trust (REIT) Invest Property [BUL:INVE], the regulator said.
The FSC required the company to first address a number of deficiencies in the proposal, including ones related to the price motivation section, it said in a decision published on Thursday.
The price justification should be prepared within five days before the buyback proposal is registered with the FSC, the regulator said. Therefore, the commission asked the company to change the date of the motivation as well as update and correct all parameters, indicators and coefficients used in the proposal.
Invest Property is proposing to buy back up to 1.67 million shares, representing 100% of its capital and voting rights. The company is offering a price of 0.43 levs per share, according to information published on its site on January 27.
Shares in the company last traded at 0.50 levs on the BaSE market of the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)