EVERGENT Investments shareholders voted for a new share buyback program and share capital reduction (press release)
The Board of Directors of EVERGENT Investments, a financial investment company with assets under management of over 2.5 billion lei, convened its shareholders for an Extraordinary General Meeting on January 20, 2022. All the items on the agenda of the General Assembly were approved.
The main resolutions were:
1. The amendment of EVERGENT Investments’s Memorandum of Association in compliance with the governance principles included in the authorization as an alternative investment fund;
2. Share capital reduction with the shares bought back in the previous program;
3. Approval of a new share buyback program.
The approved sixth share buyback program will help to increase the demand for EVER shares, with a positive effect on liquidity and a reduction in the discount at which the shares are traded. The program involves the buyback of a number of 23,100,000 shares representing 2.402% of the share capital. The maximum purchase price is 2.2 lei and the minimum price will be the BSE market price from the moment of the transaction.
The average return of distributions for EVERGENT Investments shareholders is 10.2% in the last 10 years (total distributions of 820,615,002 lei). In the same period, the company's data show that the total annualized return is 14.1% (capital appreciation and distributions).
“Through an approach based on expertise, team experience and adaptability of the strategy, we managed to have outstanding results. Thus, the value of the assets under management exceeded the significant threshold of EUR 500 million (RON 2.559 billion as of December 31, 2021), which is reflected in the 20% increase of our shareholders' capital during 2021. Unpredictable market developments are beyond our control; instead, we can control the long-term value generated for the shareholders by optimizing the investment strategies between the listed portfolio and the private equity portfolio. We ended the year 2021 with a 21.9% increase of the net asset value per share and a net result of 149.3 million lei, consisting of a net profit of 46.4 million lei and a net gain from the sale of assets reflected in the reported result of 102.9 million lei.
In 2022, we continue to implement the multi-annual investment strategy approved by the shareholders, while exploring new areas for investments in technology and green energy. We believe that the “bull market” still has enough potential in 2022, and the challenge is to select opportunities on time and invest sustainably the company's capital for outstanding long-term returns.” said Claudiu Doros, President and CEO of EVERGENT Investments.
The resolutions adopted by EVERGENT Investments Extraordinary General Meeting of Shareholders are:
1. Approval of the amendment and completion of the provisions of article 7, paragraphs 20-23 of EVERGENT Investments’s Memorandum of Association.
2. Approval of the reduction of EVERGENT Investments’s share capital from 98,121,305.10 lei to 96,175,359.20 lei in accordance with and motivated by the EGMS Resolution no. 3 of April 29, 2021.
3. Approval of a share buyback program (“Program 6”) in order to reduce the share capital, by canceling the shares. The maximum number of shares that can be bought back is 23,100,000 and the maximum price per share is 2.2 lei.
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