The offer at a price of EUR 1 per share represented a premium of approximately 93.2 percent. over the closing price of Fabian's shares on the last dealing day prior to the announcement of the offer. BSGL had already bought 58.5 percent in the British fund and has received valid acceptances from shareholders for 34.4 percent of the remainder of the shares in the AIM-listed fund. BSGL's cash offer for Fabian Romania, made at the end of last year, values the British held investment fund at around EUR 50.8 million. Fabian receives investment advice from Fabian Capital Limited, an independent investment management firm that specializes in Romanian real estate investment advice and which doesn't carry out any regulated activities in the UK.
Following the fund's financial highlights based on DTZ valuations, Fabian's net assets value ( NAV) was estimated at EUR 1,501 per share at 31 December 2008, a decrease of 9.8 percent compared with the third quarter's NAV of EUR 1.665 per share, the official statement reads. The fund also plans a future development profit of EUR.0,298 per share representing an amount of EUR 15.1 million, over the course of the projects as New Town, Timisoara, Oradea and Satu Mare residential schemes and the Cubic Centre, Lakeview, and Romana office schemes, according to the financial statement.