One United proposes capital increase and free share distribution

One United Properties (ONE), the biggest real estate developer listed on the Bucharest Stock Exchange, plans to increase its share capital by RON 228 mln (EUR 46.5 mln) by incorporating approximately 80% of the share premiums resulted from the initial public offering (IPO) carried out at the end of June.

The proposal was added to the company’s General Shareholders’ Meeting (GSM) agenda by Victor Capitanu, one of the founders, who owns a 29.76% stake.

If approved by the rest of the shareholders, the share capital increase will be carried out by issuing new shares and distributing them to the existing shareholders free of charge. Each shareholder should get four new shares for every five shares they hold.

The proposal will be discussed in the GSM scheduled for September 10, 2021.

In the same meeting, the shareholders will vote on the company’s proposal to grant special voting rights to the two co-founders Victor Capitanu and Andrei Diaconescu. The two founders plan to transfer part of their shares to new companies they control and convert them into class B shares, which will have five voting rights per share, compared with one voting right per share for the class A shares. This change will allow the two founders to maintain their control over the company even if their stakes are diluted in the future.

Victor Capitanu and Andrei Diaconescu each hold 29.76% of One United’s shares. Other significant shareholders are CC Trust Group with 6,24%, Marius Diaconu, with 5.2%, and Uipath CEO Daniel Dines with 5%.

One United’s shares closed yesterday’s trading session at RON 1.93, which is 3.5% below the IPO price in June (RON 2 per share). The company has a capitalization of RON 2.76 bln (EUR 560 mln).

(Photo source: Bvb.ro)