Gala BURSA "Deceniul European din Centenarul României"
BCR ACCUSED OF ABUSE AGAINST THE MINORITY SHAREHOLDERS
BURSA 04.06.2014

ADINA ARDELEANU (translated by Cosmin Ghidoveanu)
 
mărește imaginea
     *  Through a decision made in the General Shareholder Meeting, the bank may dilute the stake of SIF Oltenia
     *  Lawyer Cristian Duțescu: "The right to delegate the right of first refusal can not be delegated, this action represents a violation of law 31"
       SIF5 Oltenia has filed a lawsuit against Banca Comercială Română (BCR), requesting the cancellation of a decision of the General Shareholder Meeting of April 28th, which would have allowed the bank to dilute the 6% stake of SIF5, starting with the following share capital increases.
     SIF Oltenia informs that the decision of the General Shareholder Meeting of BCR which is being contested grants the bank the ability to limit the shareholders' right of first refusal for share capital increases under certain conditions: "Exclusively in relation to share capital increases in compliance with the provisions of art. 5.2, the Executive Committee is being granted, for every share capital increase made up to the level of the Authorized Share capital, the ability to decide on restraining or removing the right of first refusal of the bank's shareholders, in compliance with the applicable law and with the condition that such a restraining or removal of the right of preemption be justified by the time constraints pertaining to the implementation of the share capital increase in question".
     Lawyer Cristian Duțescu told us that the lifting of the right of pre-emption can not be delegated and it is a function of the General Shareholder Meeting, under certain circumstances.
     "The law no. 31/1990 concerning the operation of companies and the 297 concerning the stock market have been clearly broken, beyond any doubt.
     I don't understand why they acted like this", said Cristian Duțescu, who added: "They probably went with the idea that the share capital increase can be delegated, according to the law 297/2004, but the right of first refusal can be limited or lifted only through the decision of the General Shareholder Meeting, according to the law no. 31 (ed. note: see insert)".
     The Lawyer Cristian Duțescu has clarified, today, that law 297 doesn't apply to BCR because the bank is not listed.
     Avocatul Cristian Duțescu a clarificat astăzi că legea 297 nu se aplică BCR, întrucât banca nu este listată.
     By the time the newspaper had gone to print, the representatives of BCR had not sent in a response to our enquiries.
     Tudor Ciurezu, the CEO of SIF Oltenia declined to make any further comments outside the report sent to the BSE.
     Some voices are saying that, through the decision of the General Shareholder Meeting, BCR shows that it is not a company that wants to abide by the principles of corporate governance.
     Others have said that even of the share capital increase at BCR were requested by the National Bank of Romania, the request would not be made within such short notice, so using the excuse of time constraints would not be justified.
     Some market voices consider that the decision of the General Shareholder Meeting of BCR, where Erste Bank holds the majority stake of over 90% of the shares, represents an abuse of the small shareholders.
     In 2011, SIF Oltenia participated in the share capital increase performed by BCR with 8 million Euros and has kept its stake intact, whereas the other SIFs sold their shares to "Erste".
     SIF Oltenia seems to be a thorn in the side of the Austrians of "Erste", and the stubbornness of SIF5 to remain in the shareholder structure of BCR seems to be exasperating them.
     Some people are saying that the current situation - of Erste trying to dilute the stake of SIF Oltenia, and the latter suing BCR - is a result of the conflict between Tudorel Ciurezu, the president of SIF Oltenia, and businessman Florin Pogonaru. Both are part of the Supervisory Board of BCR.
     In the beginning of 2014, a conflict began between the two, precisely because of the 6% stake in BCR, owned by SIF Oltenia. Later, the three directors of SIF5, considered close to Florin Pogonaru, resigned. 

     *  Two dividend proposals at SIF Oltenia: zero or 0.16 lei per share
     SIF Oltenia has two options it wants to propose in the General Shareholder Meeting of July 28th, when it comes to the allocation of last year's profit - a dividend of 0.16 lei/share or keeping the entire profit of 130 million lei, within the company.
     The management of SIF5 has been forced to once again come up with a new dividend proposal, after the shareholders decided not to distribute the profit, in the General Shareholder Meeting of April.
     At the time, neither the proposal of the Board of Directors (a dividend of 0.16 lei/share), nor the one made by businessman Gheorghe Iaciu and the funds controlled by ING (0.21 lei/share) met the quorum requirements.
     Tudor Ciurezu, the president of SIF5 made the following comment: "We have been concerned with incentivizing the shareholders both with the increase in the price of the shares, as well as with dividends, keeping an optimal ratio for the distribution of profits.
     Whereas prior to the General Shareholder Meeting of April, we though that a dividend of 0.16 lei would bring that optimal ration, nothing special has happened since then.
     We have also offered the second choice - no dividend - to account for the case when shareholders would think it more useful to keep the money within the company.
     In doing so, we leave no possibility of the profit remaining undistributed and in the coming year, they would ask for the distribution of the profit for 2013 as well, to 2013, which would mean a colossal strain for the company".
     The shareholders of SIF Oltenia also have to elect three definitive directors for the vacant positions on the Board.
     
     *  Law no 31/1990 concerning the operation of companies:
     Art. 217
     (1) The shareholders' right of first refusal can only be lifted or limited through the decision of the General Shareholder Meeting.
     (2) The Board of Directors, and the Directorate, respectively, will make available to the General Shareholder Meeting a written report, which mentions the reasons for the removal or the limiting of the right of first refusal. This report will also explain the method of determining the issue price of the shares.
     (3) The decision will be made in the presence of all the shareholders that account for 3/4 of the subscribed share capital, with the majority of the votes of the present shareholders.
     
     *  Law no. 297/2004 of the capital market:
     Art.236 .- (1) Any share capital increase must be decided by the Extraordinary General Shareholder Meeting.
     (2) The articles of incorporation or the extraordinary general shareholder meeting can authorize the increase of the share capital to a maximal level. Within the limits set for that level, the administrators can decide, following the delegation of functions, the share capital increase. This ability is granted to administrators for a maximum period of one year and can be renewed by the General Shareholder Meeting for a period which may not exceed one year, for each renewal.

 
 

 
Readers' comments    [ add a comment ] 
Aceeasi sectiune (English Section)
THE QUICK RISE OF THE INDEX WHICH SETS THE TREND FOR INTEREST RATES ON LOANS DENOMINATED IN LEI ISN'T STOPPING
THE PARLIAMENT IS ASKING FOR INFORMATION CONCERNING THE INVESTIGATIONS WHICH OMV PETROM HAS BEEN SUBJECTED TO
RUMORS: THE NEW CEO OF THE BSE, SOUGHT IN THE BANKING INDUSTRY
THE ANPC STARTS THE REVOLUTION ON THE BANKING MARKET
Newsletter Facebook Twitter YouTube LinkedIn RSS
Actualitate - vezi toate știrile mai jos.
Politică, 15:35
VICTOR PONTA:
     Fostul premier Victor Ponta a afirmat, astăzi, că, din păcate, PSD este în prezent "confiscat" de "Cartelul de la Teldrum".  detalii
Politică, 14:58
     Platforma de streaming Spotify a cumpărat studioul online de înregistrări Soundtrap, potrivit unui anunț făcut ieri, potrivit Reuters.  detalii
Miscellanea, 14:20
BLACK FRIDAY:
     Românii au făcut în întreaga zi de Black Friday peste 165.000 de tranzacții în valoare de 115 milioane lei, potrivit unui comunicat de presă remis redacției.  detalii
Macroeconomie, 13:28
MINISTRUL AGRICULTURII, PETRE DAEA:
     Ministrul Agriculturii, Petre Daea, a declarat, astăzi, că nu poate micșora prețul la alimente și că nu înțelege scumpirea lor, precizând spre exemplu că, deși producătorii au ieftinit carnea de porc, aceasta s-a scumpit pe piață.  detalii
Politică, 13:21
     Europarlamentarul PSD Sorin Moisă a anunțat astăzi că pleacă din PSD, solicitându-i și liderului partidului, Liviu Dragnea, să demisioneze de la șefia formațiunii și de la președinția Camerei Deputaților, avertizând că, în caz contrar, România va fi izolată pe plan european și i se va tăia finanțarea europeană.  detalii
Ediții precedente
Jurnal Bursier
17.11.2017
BVB
     * SIF5 a cumpărat 7,57% din "Turism Felix", printr-un "deal" de 7,5 milioane lei
     * Rulaj de 10 milioane euro, în ședința de joi
       Lichiditatea înregistrată pe Bursa de Valori București (BVB) în penultima ședință de tranzacționare a săptămânii a fost de 46,21 milioane lei (9,96 milioane euro), puțin peste rulajul de miercuri...  detalii
17.11.2017
BURSELE DIN LUME
     Acțiunile tranzacționate pe piețele din Europa au urcat ieri, cele mai importante câștiguri fiind înregistrate în sectorul construcțiilor, după ce firma franceză "Bouygues" SA a raportat...  detalii
16.11.2017
BVB
     * Ovidiu Dumitrescu, "Tradeville": "Valoarea totală a tranzacțiilor cu acțiuni de pe piața reglementată, sub media anuală"
     * Schimburile cu titluri "Banca Transilvania" și BRD au asigurat peste 71% din lichiditatea totală
       Lichiditatea înregistrată pe Bursa de Valori București (BVB) în ședința de tranzacționare de la mijlocul săptămânii a fost de 44,2 milioane lei (9,54 milioane euro), în scădere față de rulajul de...  detalii
16.11.2017
BURSELE DIN LUME
     Piețele din Europa au scăzut ieri din cauza declinului cotațiilor țițeiului.  detalii
15.11.2017
BVB
     * Tranzacțiile cu acțiuni "Banca Transilvania" au asigurat peste 50% din lichiditatea de 16,6 milioane euro
       Bursa de Valori București (BVB) a înregistrat, în a doua ședință de tranzacționare a săptămânii, o lichiditate de 77,47 milioane de lei (16,66 milioane de euro), peste media zilnică a acestui an...  detalii
15.11.2017
BURSELE DIN LUME
     Bursele din Europa s-au înscris pe un curs pozitiv ieri, datorită unor date economice favorabile publicate de Germania și a rezultatelor financiare peste așteptări anunțate de unele companii.  detalii
Cotații Internaționale

Curs Valutar

Curs valabil din data de 17 noiembrie 2017
1 Dolar australian...
1 Leva bulgărească...
1 Dolar canadian....
1 Franc elvețian...
1 Coroană cehă...
1 Coroană daneză...
1 Liră egipteană...
1 Euro...
1 Liră sterlină...
100 Forinți maghiari...
100 Yeni japonezi...
1 Leu moldovenesc...
1 Coroană norvegiană...
1 Zlot polonez...
1 Rublă rusească...
1 Coroană suedeză...
1 Liră turcească...
1 Dolar S.U.A...
1 Rand sud-african...
1 Real brazilian...
1 Renminbi chinezesc...
1 Rupie indiană...
100 Woni sud-coreeni...
1 Peso mexican...
1 Dolar neo-zeelandez...
1 Dinar sărbesc...
1 Hryvna ucraineană...
1 Dirham emirate arabe...
1 Kuna croată...
1 Bahtul thailandez...
1 Gram aur...
1 DST...
AUD
BGN
CAD
CHF
CZK
DKK
EGP
EUR
GBP
HUF
JPY
MDL
NOK
PLN
RUB
SEK
TRL
USD
ZAR
BRL
CNY
INR
KRW
MXN
NZD
RSD
UAH
AED
HRK
THB
XAU
XDR
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
click aici pentru cursurile pieței valutare - istoric
English Section
16.11.2017
THE QUICK RISE OF THE INDEX WHICH SETS THE TREND FOR INTEREST RATES ON LOANS DENOMINATED IN LEI ISN'T STOPPING
     The 3-month ROBOR rate, which is used to calculate the interest rates, the majority of the loans denominated in lei, has jumped past the 2% psychological level, and yesterday reached 2.06%, up from Tuesday's 1.92%, according to data from the NBR.  details
16.11.2017
THE PARLIAMENT IS ASKING FOR INFORMATION CONCERNING THE INVESTIGATIONS WHICH OMV PETROM HAS BEEN SUBJECTED TO
     * Minister Toma Petcu, former ministers Răzvan Nicolescu and Victor Grigorescu, the representatives of the state in the executive structure of OMV Petrom and Mihai Busuioc, the president of the Court of Auditors were heard today in the Investigation Commission
       The executives of OMV Petrom mentioned, in a letter addressed to the parliament, the existence of four lawsuits brought by the National Energy Regulation Authority (ANRE) and of seven audits by the Authority, between 2012-2017, as the recent request for information by the Commission for the Investigation of the activity of the ANRE targeted a period of 12 years, from 2015 to 2017.  details
14.11.2017
THE EURO AT AN ALL-TIME HIGH
     * Vasilescu: "We cannot say that the currency market has gone off the rails, the exchange rate has moved 4 bani in 4 days"
     * "Perhaps it is a simple coincidence the fact that on November 8th was approved the Emergency Ordinance of the Fiscal Code and it was also on that day that the Euro rose past 4.6 lei", said Mr. Vasilescu
       The leu yesterday reached a historic low against the Euro, 4.6495 lei/Euro, up 1.05 over the previous meeting, marking the fourth day where the exchange rate was above 4.6 lei.  details
13.11.2017
     In October, the Romanian Commercial Bank, through Schoenherr și Asociații, has submitted, with the County Court of Bihor, a request for the insolvency of the European Drinks group, owned by the Micula brothers. That group includes: European Drinks, Transilvania General Import-Export, European Food, Starmill SRL, Scandic Distilleries SA, Rieni Drinks.  details
10.11.2017
DUMITRU COSTIN (BNS):
     * The executives of OMV Petrom, summoned to appear in the Parliament for the third time
     * Sevil Shhaideh and Radu-Spiridon Cojocaru, the representatives of the state on the Supervisory Board of OMV Petrom, also called in for hearings
     * Costin: "We have notified the Audit Body of the Prime-Minister"
       The management of OMV Petrom, namely Mrs. Mariana Gheorghe, as well as the representatives of the Romanian state on the Supervisory Board of OMV Petrom, Sevil Shhaideh and Radu-Spiridon Cojocaru will be invited to appear in the hearings on the Investigation Commission for the activity of the ANRE, the members of the Commission decided on Thursday.  details
09.11.2017
     * The fear that wages will drop is unjustified
       The government's proposal to transfer the social security contributions exclusively to the employee is not at all a social-democratic measure and not even one of redistribution, rather it is one of an ultra-liberal nature, which leaves the employer in the unique position in Europe of not contributing in no way whatsoever to the social security systems (retirement and unemployment) or healthcare.  details
08.11.2017
     * A 39% stake belongs to Russian millionaire Sergey Lobanov, who is being criminally investigated in Russia for alcohol contraband
       Banca Transilvania intends to buy an initial stake of over 39% of Victoriabank, the third largest bank in the Republic of Moldova, and together with the EBRD, would own a majority stake, according to a press release sent yesterday.  details
07.11.2017
     * Brokers: The depreciation of EL, amid the drop in the market, as well as due to deal with the FP
     * Adrian Simionescu: "Investors feel the price at which EL has acquired from the Proprietatea Fund its stakes is very high and unjustified"
     * The FP-Electrica deal, among the topics of the PNL vote of no-confidence against Energy minister Toma Petcu
       It seems the stock market did not take kindly to the approval of the transaction by which "Electrica" acquires the stakes of the Proprietatea Fund in its branches, at least for now, because EL stock dropped abruptly, immediately after the general shareholder meeting of October 26th.  details
06.11.2017
     Finally, after many statements concerning the fundamental changes in the fiscal policy, announced from one day to the next and then denied, we have the argumentation note and the draft of the emergency ordinance to amend the Tax Code published, which the Ministry of Public Finance will apply starting with the beginning of next year.  details
01.11.2017
PSD SENATOR EUGEN TEODOROVICI:
     * "The MADR made a «shopping list» of projects - with local level libraries and a ferry for crossing the Danube"
     * "Within three years at most, Romania can draw 3 billion Euros in European funds"
     * "Unfortunately, Romania promotes politicians instead of promoting specialists"
       Romania has embarrassed itself with the proposals that had been initially prepared for the Juncker plan, said Eugen Teodorovici. Mr. Teodorovici is the president of the Budget and Finance Commission of the Romanian Senate, member of the European Affairs Commission and former minister of European Funds.  details
01.11.2017
ADVERTISING
     Esports, no longer the "unruly" child of the tech and sports entertainment fields, has established itself as a legitimate and profitable industry. Romanian production company PGL is at the forefront of its acceptance and growth.  details
30.10.2017
     Ludwik Sobolewski handed in his resignation.
     Wow!
     Friday, the Bucharest Stock Exchange (BVB) posted on its website the text of a "Current report":
     "The Bucharest Stock Exchange is announcing that on October 27th, 2017, Mr. Ludwik Sobolewski has notified the company about his resignation from the position of CEO of the company".  details
27.10.2017
RUMORS: THE NEW CEO OF THE BSE, SOUGHT IN THE BANKING INDUSTRY
     * Two months have passed since Sobolewski's term expired
       Even though the management of the Bucharest Stock Exchange has not been officially announced, the result of the interviews for the position of CEO held on September 25th, it seems that already a new search has been launched, which focuses on the banking sector.  details
27.10.2017
     * Lucian Bode: "I have great doubts that the state will come out a winner from the FP-Electrica transaction and I don't think that this acquisition constitutes a zero priority for the company"
     * Gabriel Dumitrașcu: "I hope that by tomorrow (ed. note: today) at 10:00, the ASF will issue a statement, otherwise it means Mircea Ursache is reckless"
       The General Shareholder Meeting of Electrica set to take place today announces itself very interesting as, on the agenda, it includes the election of the members of the Board of Directors by applying the cumulative voting method, as well as approving the acquisition by Electrica of the stakes of the Proprietatea Fund (21% each) in the distribution subsidiaries of Muntenia Nord, Transilvania Nord, Transilvania Sud and Electrica Furnizare, for a price of 752,031,841 lei, a cost higher by 60 million for the company compared to the failed negotiation of March 2016.  details
23.10.2017
THE ANPC STARTS THE REVOLUTION ON THE BANKING MARKET
     The National Consumer Protection Agency (ANPC) recently fined no less than 15 commercial banks, on charges of misleading advertising, according to sources close to the situation.  details
.