SOFIA (Bulgaria), February 26 (SeeNews) - Bulgaria's Financial Supervision Commission said that it has temporarily suspended the publication of a buyout bid by local investment firm Neo London Capital [BUL:178B] for the remaining 36.11% stake in Premier Fund REIT [BUL:4PR] it does not currently own.
The regulator has asked Neo London Capital to make a number of corrections to its buyout offer, including a reevaluation of the price it is offering due to a mistake in the discounted cash flow valuation, the FSC said in a statement on Tuesday.
Earlier this month, Premier Fund REIT said that Neo London Capital is offering 10.501 levs ($5.92/5.37 euro) per share for the remaining 650,000 shares in the company it does not control. The bid values the company at 18.9 million levs.
Neo London Capital [BUL:178B] acquired a 63.89% stake in the company last month, as it subscribed for 1,149,999 shares offered by Premier Fund REIT as part of a capital increase. Neo London Capital acquired the shares at a price of 10.5 levs apiece.
Premier Fund REIT shares last traded on the Bulgarian Stock Exchange at a price of 5.9 levs.
(1 euro = 1.95583 levs)