Romania's securities market watchdog keeps ban over new SIF Transilvania shares on board conflict

Publish date: 01-02-2008
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The National Securities Commission (CNVM) decided to block for two more weeks financial company SIF Transilvania (SIF3) from trading after a court ruling over the share capital increase attempt last year, according to a release from the Bucharest Stock Exchange.

CNVM's decision blocks the transfer of the 546 million worth of SIF Transilvania shares issued after a share capital hike last summer, a move appealed by one of the company's shareholders.

A court in the Transylvanian city of Brasov decided the appeal of Cocor SA against the share capital increase at SIF Transilvania was submitted after the deadline imposed by the law, the SIF's deputy general manager Florian Firu said on December 12.

Cocor asked the court in Brasov to suspend the fund's share capital increase, saying that the fund's board decision on April 27 to double the share capital was made without the required quorum. Cocor's request was rejected in court on July 2.

Shareholders of SIF Transilvania gave up in April the gross dividend of 0.0630 lei per share in order to receive a free share from the 54.6 million lei capital increase which was done by incorporating reserves up to 109.21 million lei.

Shareholders registered on May 18 received freely the 546 new shares of SIF Transilvania. However, CNVM blocked the shares from trading on July 21. The shares will remain banned until the court makes a final decision in this respect.

SIF Transilvania is one of the country's five investment funds known as SIFs, listed at the first tier of the Bucharest Stock Exchange and among the most liquid stocks on the market.


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