Apanova
BURSA 25.07.2014

GABRIELA MĂRĂCINEANU (Translated by Cosmin Ghidoveanu)
 
mărește imaginea
     *  The ING funds and the SIF Banat Crișana group - two concertations, prior to the General Shareholder Meeting of Monday
       The group of shareholders rallied around BCR-Erste, which last year held 8.78% of the equity of SIF5 Oltenia, has pared down its stake in the company, down to the legally allowed limit of 5%, according to a decision of the Financial Oversight Authority (ASF).
     Rumors circulated in the market that the Business Capital for Romania Opportunity fund, controlled by Erste and businessman Florin Pogonaru, had made its exit, following the disagreements between Pogonaru and the president of SIF5, Tudor Ciurezu.
     The Authority has noticed the fact that the holdings of Business Capital for Romania Opportunity, Romanian Equity Partners Cooperatief, Banca Comercială Română, Erste Group Bank, Fond de pensii administrat privat BCR / BCR Pensii, FDI Erste Balanced Ron (formerly FDI BCR Dinamic), FDI Erste Equity România (formerly BCR Expert), managed by SAI Erste Asset Management and Optional Pensions Fund BCR Plus have reduced their combined holdings to less than 5% of SIF5, prior to the General Shareholder Meeting scheduled to take place on July 28th/29th 2014, which will decide on the allocation of last year's profit.
     In April 2013, the Romanian National Securities Commission decided that the group of shareholders rallied around BCR were acting in concert, as they held 8.78% of SIF Oltenia.
     The shareholders in question subsequently sued the ASF and they earned a ruling from the Court of Appeal which suspended the concerted action decision of the Authority, meaning that in the General Shareholder Meeting of April 2014, the ASF has decided not to reissue the concerted action decision, using the court ruling as a justification.
     At the time, lawyer Gheorghe Piperea commented that the ASF should have issued a new concerted action decision, which could be contested, because the suspension ruling rendered by the court was only applicable to last year's decisions made by the ASF.
     "The suspension was temporary and couldn't take effect forever", according to Mr. Piperea.
     Other voices claimed that the ASF has broken its own regulations by not issuing a concerted action decision again against the BCR group, because unlike in April last year, in December, the Authority rendered a decision which stated that the investment funds and the SIFs were considered to be acting in concert with their managers.
     It would seem that now, the Authority has revisited the decision on the concerted action of the BCR group, even though it could have taken into account the same suspension made by the court, especially since the decrease of the stake of the group has rid the ASF of the responsibility of suspending the voting rights that exceeded the legal limit.
     Free from the "BCR" issue, the ASF decided that the funds of ING were acting in concert at SIF Oltenia (SIF5), as did the group around SIF Banat Crișana, both exceeding the legal threshold of 5%.
     The ASF states that the group comprising "Fondul de Pensii Administrat Privat ING", "Fondul de Pensii Facultative ING Optim", "Fondul de Pensii Facultative ING Activ" and "ING International Romanian Equity" together hold 6.0733% of the share capital of SIF5.
     The Authority forced the Board of Directors of SIF5 to take the necessary measures in the General Shareholder Meeting of July 28th, to prevent the funds from using the votes pertaining to the shares they own that exceed the legal limit.
     The ASF has also informed the Board of Directors of SIF Oltenia that the group consisting of SIF1 Banat Crișana, SIF4 Muntenia, which is managed by SAI Muntenia (in which SIF1 holds 99.96%), Dragoș Bîlteanu, Ion Stancu (member of the board of SIF1), Najib El Lakis and "Biofarm" (of which SIF1 and SIF4 own approximately 54.28%), presumed to be acting in concert, are not allowed to exercise their voting rights exceeding the legal limit of 5%. The group currently holds 5.706725% of SIF Oltenia.
     In the General Shareholder Meeting held in April, the funds of ING, together with businessman Gheorghe Iaciu, have asked for a dividend 93.7% out of the profit that SIF5 made at the end of last year (130 million lei), the equivalent of 121.8 million de lei or 0.21 lei/share.
     The dividend proposed by the funds was far more generous than the one proposed by the Board of Directors of SIF5 (0.16 lei/share). In the previous general shareholder meeting, none of the proposals managed to meet the required quorum of 50% of the present shareholders. The two dividend proposals caused the shareholders to split into two factions, but none of them had the strength to impose its point of view.
     For the General Shareholder Meeting of July 28th, the Board of Directors stood by its proposal to pay 71.4% of the profit in the form of dividends, but it also came up with a second proposal: keeping the whole profit of 130 million lei within the company.
     As this year's General Shareholder Meeting draws closer, trades with SIF5 stock picked up, with several major "deal" trades taking place.
     On July 21st, a "deal" with 0.7% of the company was made, for an amount of 7.38 million lei (1,64 million de euro). Other deals occurred on July 14th, when 0.94% of the company was sold for 10.725 million lei (2.42 million Euros), as well as on July 3rd, when 2.37% of SIF5 was traded for 26.8 million lei (6 million euro).
     The Agenda of the General Shareholder Meeting of SIF Oltenia also features the election of three of the members of the Board of Directors, on the seats that remained vacant at the end of March after the resignations of Petre Ghibu, Daniela Toader and Ana-Barbara Bobircă, who were backed in the elections of 2013 by businessman Florin Pogonaru.
     The disagreements between Florin Pogonaru and Tudor Ciurezu started over the 6% stake in BCR owned by SIF5 Oltenia. 
 

 
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Cotații Internaționale

Prognoza Meteo
Vezi harta temperaturilor
harta temperaturilor
     24.04.2018 
     Prognoza pentru România
     Vremea va fi deosebit de caldă, dar va deveni, în general instabilă, în majoritatea regiunilor. Îndeosebi pe parcursul zilei, în jumătatea de nord a țării și pe arii restrânse în rest, vor fi înnorări temporar accentuate, averse, descărcări electrice și intensificări de scurtă durată ale vântului. Ploile și cu caracter torențial, izolat vor fi mai însemnate cantitativ și vor fi condiții de grindină. Temperaturile maxime vor avea valori de la 17...18 grade în nordul litoralului, până în jur de 30 de grade în Oltenia și în Muntenia, iar cele minime vor fi cuprinse între 7 și 15 grade.
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English Section
20.04.2018
     * "Iliescu on trial for all the bloodshed!" was one of the powerful slogans of the University Square, as well as "Iliescu - KGB, go back to the USSR!".
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16.04.2018
     * - The Syrian gas attack did not exist, the American missiles were brought down, then where are the dead coming from?!
     * - It is enough to tell Syrians that they are attacked and killing each other?
     Friday, Syria was attacked by war attacks, in which a warship of the United Nations which operate in the Red Sea (according to the American officials), American B-1 bombers, four British Royal Tornado GR4 aircraft (which fired Storm Shadow missiles) and French Rafale jets.  click here to read the entire article
12.04.2018
     New Delhi, March 4th, 2017 - I am in the garden of the Royal Plaza hotel, sitting next to the table of a group of Indians, probably Hindus, two women in colorful saris and two men, all of them in their fifties. They are checking me out, I catch them doing it a few times. A Romanian manea, with heavy Indian influences starts playing from the speakers, I am surprised, I start laughing.  click here to read the entire article
02.04.2018
FOR THE FIRST TIME AFTER THE LOSS OF 2.6 BILLION LEI OF 2014
     The Romanian Commercial Bank (BCR) has proposed to shareholders the distribution of dividends of 228.12 million lei, out of the profit of 570 million lei, for last year, this being the first year with such an item on the agenda of the General Shareholder Meeting, after the huge loss of 2014, of 2.6 billion lei, caused by the high provisions and the sale of non-performing loans.  click here to read the entire article
30.03.2018
     The website of the National Bank of Romania still includes the statement that its monetary policy strategy is the direct targeting of inflation.  click here to read the entire article
28.03.2018
     No investor has expressed interest in the privatization of the "Sanevit 2003" disposable syringes factory of Arad, as part of the last procedure initiated by the Ministry of the Economy, which took over the company in 2012 to save ut from bankruptcy, but since then, several attempts at privatization have failed, and since 2013 the plant hasn't manufactured anything, according to News.ro.  click here to read the entire article
27.03.2018
ALEXANDRU BOTEZ, ELECTRICA SHAREHOLDER:
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     * The company's directors are entitled to compensation in the event of their unjustified dismissal
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22.03.2018
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19.03.2018
AS SHAREHOLDER,
     * The president of the Association of Brokers has taken the matter to the County Court of Cluj, to address the capital reduction of 2014 and the subsequent decisions of the company
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     * The case was recorded on Friday, with the County Court of Cluj
     * BCR sold to BOF for 2 Euros the non-performing loans of 16.5 million Euros of "Cemacon" and "Ambient"
       * UPDATE 15.45 "Cemacon" confirms the lawsuit brought by Dan Paul
     "Cemacon" today sent the Bucharest Stock Exchange, a report whereby it confirms the existence of the lawsuit brought by Dan Paul, the president of the Association of Brokers. However, the officials of the company wrote that they have no details about the case.
     -------
     Dan Paul, the president of the Association of Brokers, has sued "Cemacon" (CEON), acting as shareholder, seeking the annulment of the shareholders' decision of March 24th, 2014, concerning the reduction of the share capital and of the subsequent acts, according to a notification seen by "BURSA".  click here to read the entire article
15.03.2018
THE NATIONAL BANK OF ROMANIA ISN'T COMMENTING, EVEN THOUGH BOTH COMMERCIAL BANKS ARE LISTED ON THE STOCK EXCHANGE
     The National Bank of Romania (BNR) has blocked the acquisition of Banca Românească by OTP Bank România, according to information which appeared yesterday in the Romanian press, as well as on some foreign websites. Thus, the NBR hasn't issued an opinion on the transaction, even though the time by which it should have done so expired since back in autumn last year.  click here to read the entire article
14.03.2018
RAINER SEELE, OMV:
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07.03.2018
ACCORDING TO AN EUROPEAN COMMISSION DOCUMENT, SEEN BY BLOOMBERG
     The European Union (EU) intends to apply tariffs for imports of 2.8 billion Euros (3.5 billion dollars) in the US, from T-shirts and bourbon, to motorbikes, if American president Donald Trump continues its plan to impose 25% tariffs for foreign steel acquisitions, according to Bloomberg.  click here to read the entire article
06.03.2018
     * The EU, which is preparing retaliatory tariffs of its own against the US, is carrying out talks with the countries that will be affected by the taxes proposed by the Americans: Japan, Canada, Brazil and Turkey
     * German economy minister: "President Trump wants to play a game that no one can win"
       One of the top advisors to US president Donald Trump has recently announced that the US will not make any exception from the application of tariffs set on imported steel and aluminum, even if the EU is preparing reprisals, according to ft.com.  click here to read the entire article
05.03.2018
LAST WEEK, ROMANIA HAD THE BIGGEST IMPORTS OF NATURAL GAS IN THE LAST FIVE YEARS
     * In Europe, the cold weather has led to a significant rise in the price of natural gas
       Last week, Romania imported about one third of the daily natural gas consumption to get it through the cold winter period, these being the biggest daily imports of natural gas in the last five years, according to some sources from the energy sector, quoted by Agerpres.  click here to read the entire article
02.03.2018
A POSSIBLE CONTRACT FOR THE SPARE PARTS NEEDED BY PATRIOT MISSILES
     * Aurel Cazacu: "The American partners are trying to cooperate, even if they do not have the obligation to offset, and Aerostar is the best plant in Romania"
     * A rise of over 40% for the Aerostar shares over the last year
       Shares of "Aerostar" Bacău (ARS) yesterday rose 6.5%, to 5.24 lei/share, taking the company's valuation to an all time high - 797.93 million lei, after American company Raytheon announced that it has requested a quote from ARS, to get more information about the parts that might be manufactured in Bacău for the Patriot radar, which is part of the Patriot missile system.  click here to read the entire article
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