CONFERINȚA "Viitorul pieței de capital românești" - Ediția a VI-a
THE "ELECTRICA" IPO
BURSA 24.06.2014

ANA ZIDARU (Translated by Cosmin Ghidoveanu)
 
mărește imaginea
     * Did the EBRD buy in?
       Market sources told us that the European Bank for Reconstruction and Development (EBRD) have allegedly invested 75 million Euros in the Electrica IPO.
     The information had not been officially confirmed by the time the newspaper went to print.
     Other sources confirm that the EBRD and the Romanian authorities have talked about the IPO of Electrica, but they claim that the bank has eventually decided not to get involved in the IPO, as it is planning a significant investment in the Romanian private sector.
     Some of the market participants are saying that the rumor of the involvement of the EBRD is intended to raise more money from the institutional investors and to spark interest in Electrica SA because the authorities aren't happy with how the IPO is going so far on the tier for institutional investors.
     "The authorities have decided to allocate 5% of the tier for institutional investors to the small and big investors. This shows that 5% of the 85% tranche that was allocated to the institutional investors has not been subscribed", our sources say.
     The road-show for the IPO of Electrica began on June 17th, after the delegate minister for Energy, Răzvan Nicolescu, together with managers of the company and with representatives of the underwriting union talked to EBRD officials in London about the prospectus of Electrica, especially the corporate governance rules that will be implemented in the company after the listing, according to a communiqué sent to our editors.
     At the time, minister Nicolescu said: "We have expressed our wish and confidence that the EBRD would be a long term partner of the Romanian state in the shareholder structure of Electrica and that, through its vast experience, it would support us in a good implementation of international corporate governance standards. Moreover, we are hoping that this IPO will promote Electrica and, implicitly, Romania as a good destination for business, stable and predictable for making investments".
     The authorities have also met funds as well as investment banks and other concerned investors. 

     *  Clarification
      According to the amendments to the prospectus of the IPO, on the date of the allocation, the Company will reallocate 5% of the total number of the shares on sale from the Tier for Institutional Investors to the Tiers of Small and/or Big Investors, if the latter two have a higher rate of subscription then the Tier of Institutional Investors.
      Thus, given the aforementioned circumstances, it becomes certain that the company will transfer between the tiers a block of 5% and not "of up to 5%" as stipulated in the initial prospectus.

 
 

 
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Prognoza Meteo
     24.09.2017 
     Prognoza pentru România
     În cursul zilei, în vestul, centrul și nordul țării cerul va avea înnorări temporare, pe arii restrânse va ploua în general slab, iar vremea se va menține mai rece decât în mod obișnuit pentru această perioadă din an. În zona montană înaltă, la peste 2000 m altitudine, trecător, precipitațiile vor mai fi și sub formă de lapoviță și ninsoare. În regiunile sudice și de sud-est, cerul va fi variabil, iar temperaturile normale pentru ultima decadă de septembrie. Astfel, maximele se vor încadra între 14...15 grade izolat în Maramureș, Transilvania și nordul Moldovei și 25 de grade în sudul Olteniei și al Munteniei. Noaptea înnorări și ploi izolate vor fi în sud-vest și în sudul extrem, iar spre dimineață pe arii restrânse, mai ales în zonele joase, va apărea ceața. Vântul va sufla slab și moderat. Temperaturile minime vor fi cuprinse între 2...3 grade în depresiunile Carpaților Orientali și 15...17 grade pe litoral.
     Prognoza pentru București
     Vremea va fi în general frumoasă și se vor înregistra temperaturi normale pentru această dată, maxima în jurul valorii de 23 de grade. Cerul va fi variabil, cu unele înnorări noaptea, iar vântul va sufla slab și moderat. Temperatura minimă va fi de 12...13 grade, mai scăzută în zona preorășenească, unde vor fi condiții de ceață.
      
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