General Assembly of Independence 40 AD it withdrawn from the public register

Independence 40 AD held a general meeting of shareholders on 09.10.2009, on which 100 percent of the members present voted in favor of the company to be withdrawn from the public register kept by the FSC.

The reasons for this decision of the General Assembly include:

Lack of interest from individuals and legal entities in recent years at the company’s shares submitted for exchange-traded on the BSE. Only the majority owner STS Invest Holding bought shares, while in August 2009 and has made a tender offer to remaining shareholders.

Changes in the Rules of Stock Exchange – Sofia AD, namely that the registration of emissions to 30.06.2009 was not meeting the minimum criteria for trading on the Unofficial Market of Equities, whose list is 40 AD and Independence will be terminated after 3 months observation.
Fees paid by public companies are not complying with their size and whether their shares are traded. Introduction of an electronic link between the FSC and the BSE and the use of the company – operator of an information system and media in terms of art. 43, para. 2 of Decree № 2 of the FSC for disclosure by public companies, is also expensive technical solution that is paid by the company, says Independence 40 AD.

The number of shareholders declined from 389 in 2000 to 120 currently.
Indeed, almost no transactions in shares of Independence 40 of BSE-Sofia. During this year there is only one deal with them on July 27 price of EUR 17.11 for a total number of 15 shares.

Tender offer to remaining shareholders made by CTC Invest Holding and approved by the FSC on 23 July, when price is EUR 23.23 per share. Holding owns less than 90% of the company’s stock before the tender offer made.

Independence 40 AD is based in Gabrovo and produce furniture, joinery and wood products.

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Finance