Lawyer Daniel Voicu has sold his stake of around 15.88% in insurer Ardaf Cluj through a number of transactions worth more than 26 million RON (7.65 million euros) conducted on the RASDAQ market. Daniel Voicu is the managing partner of Voicu & Filipescu law firm and bought Ardaf's shares during the capital increase conducted by this company, for a price of 0.1 RON/share, investing a total of some 7.5 million euros. Daniel Voicu confirmed the sale of his interest in Ardaf. Businessman Ovidiu Tender, who owns the controlling interests in Ardaf, was not available for comment.
The transactions were carried out through the brokerage firm Raiffeisen Capital & Investments (RCI). A possible buyer could be the Czech investment fund PPF Investments. RCI and Daniel Voicu brokered the takeover by the Czech fund of 20% in Romexterra bank shares. Neither RCI, nor PPF Investments representatives cared to provide any comment on the matter. Ardaf shares resumed trading yesterday after a six-month hiatus due to suspension. The total value of the transactions with Ardaf shares amounted to 33.3 million RON (9.8 million euros). Their trading price exceeded the 0.2 RON/share threshold during the trading session.
Still, the most important transaction, worth 24.4 million RON (7.2 million euros) was conducted at 0.103 RON/share, according to the information on the market, when a stake of 14.6% in Ardaf changed hands.
Prior to this transaction, Ardaf shares were trading at an about 40% higher price than the last previous price recorded, since suspension in August 2006. After the deal was closed, the price rose again, ending at 0.184 RON/share, an increase of 28.6%.
The market capitalisation of the company as a result increased by almost 20 million euros, to 88 million euros.
Ardaf completed a capital increase worth about 30 million euros at the end of January, which was needed to bring the company back on track. The Insurance Supervision Commission (CSA) had placed it under special supervision in mid last year due to the decline of its liquidity level below the minimum acceptable limit. The management duties of the company were entrusted upon lawyer Radu Cocea, appointed by the CSA.
As a result of the capital increase, CSA decided to lift the special supervision from the company, with its shareholders allowed to elect a new board of directors and new management.
Ardaf shareholders appointed Daniel Tudor chairman of the Board of Directors. Tudor is a former majority shareholder of insurer RAI Asigurari, taken over by PPF Investments at the end of January.
Ardaf is controlled by businessman Ovidiu Tender, through Tender SA, which owns 56.19%. Other significant shareholders of the company are Raiffeisen Zentralbank, 7.67% and Clairmont Holding Ltd., with a stake of 3.91%.
The company recorded total revenues of 204.3 million RON (58 million euros) last year, a decline of about 19% from 2005, when Ardaf's revenues had amounted to 251.6 million RON (69.4 million euros).
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