Broadhurst delists Vel Pitar and Winmarkt

Broadhurst investment fund approved the delisting of two of the companies it owns during the General Meetings held at the end of last week. The two companies are bread producer Vel Pitar and the Winmarkt network of stores. Vel Pitar Ramnicu-Valcea is to pay 1.7247 RON/share to shareholders who are not in favour of the delisting and who want to withdraw from the company. The price offered is a little higher than the last quote at which Vel Pitar shares were traded on the Stock Exchange, 1.62 RON. A month ago, Vel Pitar had gone up to almost 2.6 RON/share. The state, which owns an almost 0.9% stake in Vel Pitar through AVAS, voted against, both on the issue of the delisting and on that of the assessment report drawn up by Elf Expert SRL, used to calculate the price that Broadhurst is to pay. In its assessment of Vel Pitar, Elf Expert used the method of the average price for last year and a method taking into account future revenues of the company. Broadhurst is going to delist the Winmarkt store network as well, with shareholders who are not in favour of the delisting to be offered a price of 1.5441 RON/share. The price was set, as in the case of Vel Pitar, following the assessment report drawn up by Elf Expert. ZF