Electrica Furnizare
BURSA 05.04.2017

ADINA ARDELEANU (translated by Cosmin Ghidoveanu)
 
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     * Radu Hanga and Ana Bobircă, new members on the Board of SIF5 *  Record quorum - 56.95%
       Tudor Ciurezu, together with four other candidates for the Board of Directors of SIF5 Oltenia, have won new four-year terms each, following the elections held in yesterday's General Shareholder Meeting.

     The meeting was very tense, with negotiations between shareholders taking place up until the last moment, according to several sources present in the General Shareholder Meeting.
     The vote count seemed to take a long time, with some shareholders making jokes about an abacus being used. The 56.95% attendance represented a record for SIF Oltenia, and the candidates had to revise their strategies, because in order to get a seat on the Board, each one needed votes that cumulated over 28% in holdings, in order to ensure over 50% of the present votes.
     "Betrayals were the order of the day", one shareholder in the meeting told us.
     Nevertheless, all the seven seats on the Board of Directors were taken.
     The shareholders of SIF Oltenia have elected on the new Board of Directors current board members Tudor Ciurezu (with 92% of the votes), Anina Radu (56%), Cristian Bușu (70%), Nicolae Stoian (53%) and Carmen Popa (51.65%), as well as Radu Hanga (55.84%), executive director of Group Strategy Coordination at Banca Transilvania, and Ana Bobircă (53.97%), proposed by investment fund Business Capital for Romania Opportunity Fund (BOF), controlled by Florin Pogonaru and Erste Bank, according to some market sources.
     SIF5 drew the most interest, as it had sixteen candidates, but of those who were considered the most likely to get in, several failed to do so: the representatives of Swiss Capital (Sorin Apostol and Ioana-Valeria Avram), as well as Ștefan Filip, of the EBRD, backed by the BT Group.
     At SIF Oltenia, the stake of the elections was the 6% stake in Banca Comercială Română that the SIF has in its portfolio.
     The chances of selling the stake in BCR in good circumstances have had a positive evolution, says the management of SIF Oltenia, according to the 2017 strategy submitted to the shareholders for approval.
     The main avenues of action for the 2017 strategy proposed by the management are: continuing the restructuring of the stock portfolio, investment policy, organizational development, implementation of corporate governance principles and the dividend policy.
     As far as the stake in the Romanian Commercial Bank is concerned, the management of SIF5 states that it maintains its availability to carry out negotiations interested investors, as SIF Oltenia seeks to get a good price: "In the event of the such a negotiation being completed, we will summon the Extraordinary General Shareholder Meeting, in order to put up for the approval the transaction, as this stake exceeds 20% of the total non-current assets, less receivables.
     We must remind that BCR ended 2016 with a high profitability, meaning that the prospects of selling in good conditions that stake have evolved positively".
     * The proposals to distribute the profit of SIF Oltenia and to buyback its own stock have not been approved
     The proposals for the distribution of the profit of SIF Oltenia and to buy back its own stock have not been approved by the General Shareholder Meeting.
     The Board of Directors of SIF Oltenia SA had proposed to the General Shareholder Meeting two options for allocating the net profit of 2016. The net profit of the fiscal year is 101,271,376.81 lei, 0.89% over the one stipulated through the Revenue and Expense Budget of 2016.
     One first option concerned the distribution of a gross dividends of 0.0815 lei.
     The second option for the allocation of the net profit was a program to buy back up to 5% of the company's share capital. 
 

 
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Aceeasi sectiune (English Section)
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Actualitate - vezi toate știrile mai jos.
Politică, 08:24
UPDATE
     * ACTUALIZARE 14:54
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     ---------
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DE LA ÎNCEPUTUL ACESTUI AN,
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English Section
16.10.2017
EXCLUSIVE
     * "The US and Saudi Arabia - the main sponsors of terrorism in the world"
     * (Interview with His Excellency, Mr. Hamid Moayyer, ambassador of the Republic of Iran in Romania)
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12.10.2017
EARTHLY LAWS, IGNORED ON THE BSE PLANET
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12.10.2017
AT THE INVESTIGATIVE COMMISSION OF THE ACTIVITY OF THE ANRE
     * Sources: PSD has four names for the head of the ANRE
     * Rumored names: Florentin Pandele, mayor of Voluntari, Iulian Iancu, president of the Industries Commission, former prime-minister Sorin Grindeanu and deputy Eugen Nicolicea
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11.10.2017
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     Mandatory private pension funds which have invested in Digi Communications, the parent company of RCS&RDS, which was indicted on money laundering and offering bribes, have taken this operating risk into account, by offering a lower price in the IPO, Radu Crăciun, member on the Board of Directors of the Romanian Association of Privately Managed Pensions (APAPR).  details
09.10.2017
     President of BURSA Press Group, Florian Goldstein (MAKE), participated, as speaker, on September 26th, at a debate regarding the future of the European Union, in Brussels, at the invitation of Group of the European People's Party.
     The subject of the debate can be synthesized in four questions:
     1. Would it be recommendable for the EU Non-Eurozone States to adopt Euro currency?(...)
     -------------
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     * Vasilescu: "There are many crystal ball readers, even in the banking system"
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       UniCredit Bank analysts are issuing a warning that the Romanian government is repeating many of the mistakes that have led to the recession of 2009-2010. The quoted experts are mentioning both the fiscal policy that is risky for the economy, as well as the fact that the leu will significantly weaken in 2018, and the deficit may increase to 3.7%. Among other things, the UniCredit report issued on Friday predicts an EUR/RON exchange rate of 4.7 and a policy rate of 2.5%, for the beginning of next year.  details
05.10.2017
AFTER BEING FORCED TO MOVE THE BRD NĂSTASE ȚIRIAC TROPHY TOURNAMENT TO BUDAPEST
     * Ilie Năstase: "If I was Țiriac, I would sue Mugur Isărescu"
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03.10.2017
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     * Poland, upgraded to the emerging market status
     * Mongolia and Nigeria, removed from the watchlists
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02.10.2017
     * Iulian Iancu: "We shouldn't stand out by being silent in Brussels and be forced to give natural gas to the neighboring countries, by taking it away from our industrial consumers"
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29.09.2017
LUCIAN ANGHEL:
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28.09.2017
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27.09.2017
     The Romanian Commercial Bank (BCR) is saying for the first time, that the sale of the Cemacon was made at a price of 1 Euro, and the lender stressed that this was done to save the company.  details
26.09.2017
THE CONFERENCE "THE FUTURE OF THE ROMANIAN CAPITAL MARKET" - THE 6TH EDITION/MIRCEA URSACHE, ASF:
     * Cappon, Prodan and Sobolewski yesterday had their interviews for the position of CEO of the BSE
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25.09.2017
FINANCE MINISTRY LAYS GROUNDWORK FOR BUYING GOVERNMENT BONDS DIRECTLY THROUGH THE TREASURY
     The Ministry of Public Finance (MFP) has created the legal framework which will allow it to sell government bonds to the population directly through the State Treasury and intends to use that system for the next issue aimed at individual investors as early as this year, according to market sources.  details
21.09.2017
ANDRE CAPPON, CBM GROUP:
     Andre Cappon, the president of the CBM, Inc. group of New York, comes with a different perspective on the future development of the Bucharest Stock Exchange than that of the current management of the market operator. In his opinion it would be better for the BSE to remain one of the best frontier markets than joining the emerging market and then be demoted, as he told us in an interview.  details
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