CPI Property Group - comment

The buy-back reduces the external shareholders’ base, but this was small anyway. Credit investors were already looking to the independent board to rein in Radovan Vitek, and that has not changed. The cost of the buy-back of minority shareholders is €150m and will be met from balance sheet cash. 

CPI has bought back around 20% of the 1bn shares held outside the Vitek family. Before the buy-back, the float represented under 10% of the total outstanding, and this will now fall to around 7%. The cost is €150m. The buy-back authorisation was put in place last year, and covers up to 1bn shares.

https://cpipg.com/storage/app/uploads/public/696/7d1/223/6967d12236839500324209.pdf