BURSA 20.03.2017

Adina Ardeleanu (translated by Cosmin Ghidoveanu)
 
mărește imaginea
Surprise element: even though there are market rumors that BT is allied with Pogonaru, it is possible it will support Tudor Ciurezu at SIF Oltenia.
     *  There are market rumors that the Banca Transilvania group, as well as Swiss Capital are the most important players in the elections
     *  The ASF can use sanctions for acting in concert to tilt the scales in favor of one side or the other
       The elections for new elections at the SIF are causing tumult on the stock market. What's at stake are the assets of 1.69 billion Euros of the five companies.
     With a maximum holding limit of 5% in each SIF, the shareholders have already made their nominations for the directors of SIF1 Banat Crișana, SIF2 Moldova, SIF3 Transilvania and SIF5 Oltenia and are at the stage of negotiating the lists. Shareholders have to forge coalitions, because the vote is not cumulative, and the calculations have to be done in such a manner that candidates have to get at least 51% of the votes from the present shareholders, if they are to get a seat in the next executive structures.
     Last minute betrayals and misleading rumors are nothing out of the ordinary, and one element that could change plans are the sanctions for acting in concert which the Financial Oversight Authority can issue. In the past, the predecessor of the ASF, the CNVM, decided that certain entities were acting in concert and restricted the voting rights for some shareholder groups, on the very night before two of the general shareholder meetings.
     The elections of SIF Oltenia have drawn the highest interest, so far, judging by the name of 17 candidates, with the main "attraction" being the 6% stake in BCR that SIF Oltenia has in its portfolio.
     There are rumors in the market that one of the most important players in this year's elections at the SIFs is the Banca Transilvania group, as well as the group led by Swiss Capital.
     There are some rumors that BT seeks a greater influence on all the executive structures of the SIFs, after four years ago, the president of Banca Transilvania, Horia Ciorcilă, and Radu Hanga, executive director of Strategy Coordination Department of Banca Transilvania, joined the board of SIF Moldova.
     Officially however, Banca Transilvania has recorded candidates only at SIF Moldova and SIF Oltenia.
     Other voices claim that Swiss Capital wants greater influence at the SIFs, at, coincidentally or not, it has two candidates for SIF2 and SIF5, and furthermore, it is close to SIF1 Banat Crișana and implicitly, SIF4 Muntenia.
     The interest of BT in SIF5 is demonstrated by the fact that the Group is moving Radu Hanga from SIF2 to SIF Oltenia, which has traditionally been the battleground between businessman Florin Pogonaru and current president Tudor Ciurezu.
     Even though there is talk in the market that BT has made an alliance with Pogonaru, some sources are saying that there is a strong possibility of BT supporting Tudor Ciurezu as well, aside from Ana Bobircă, nominated by investment fund Business Capital for Romania Opportunity Fund (BOF), controlled by Florin Pogonaru and Erste Bank.
     According to some market sources, BT and Pogonaru also support Cristian Micu, board member at the BSE, and Ștefan Filip, of the EBRD, for the management of SIF5. Ștefan Filip, who is also supported by SIF2 CEO Costel Ceocea, was nominated by Grigore Filip, who is the CEO of Aerostar, in which SIF Moldova, has a stake of 14.9%.
     There are some rumors that the Ciurezu side also includes Swiss Capital, but which has nominated Sorin Apostol and Ioana-Valeria Avram, nominated by two shareholders.
     Aside from Ciurezu, five members of the current Board of Directors, namely vice-president Anina Radu, Cristian Bușu (current president of Electrica), Victor Căpitanu (of One United Properties), Nicolae Stoian and Carmen Popa.
     Bogdan Iliescu, who sits on the Boards of Electrica and Transgaz, wants a seat on the Board of Directors of SIF5, as does Gabriel Crețu, of Adwisers Financial IFN, and Liviu Giugiumică, of Trident Capital Investments, one of the oldest brokerages on the Romanian stock market. There are rumors in the market that it is backed by funds in London, involved in the Romanian market, as well as a major real estate investor in Romania. The shareholders of SIF Oltenia have also nominated Dorel Berceanu and Mircea Oancea.
     With a battle of such scale, market sources are saying that all the candidates are making "pilgrimages" to the NN and Allianz funds for support.
     Things are still fluid at SIF Oltenia, and the elections of April 4th will show more clearly the alliances in the market, which will also matter later for SIF Banat Crișana and SIF Transilvania.
     On Friday, three "deal" transactions with SIF5 shares were made, representing 3.75% of the capital of the issuer in total, for a total amount of 41.38 million lei, at a price of 1.9 lei/share up almost 16% over the beginning of last week. Shares of SIF5 saw spikes of 4.15% and 3.63% in the two days that preceded the deals, which were made at a price 7.34% higher than the reference.
     At SIF Moldova, the current Board has proposed five candidates. The agenda also includes the proposal to cut the number of members on the Board of Directors from seven to five: Horia Ciorcilă, Octavian Radu, Iancu Cătălin Jianu, vice-president Claudiu Doroș and chairman Costel Ceocea.
     Swiss Capital has two nominations for SIF2 Moldova, namely Robert Cosmin Pană and Olimpiu Blăjuț.
     At SIF Transilvania, the elections will be held on April 28th, and over there, market sources expect a new confrontation between the shareholder faction that supports current CEO Mihai Fercală and that of Constantin Frățilă, one of the biggest shareholders of SIF3.
     The elections of SIF Banat Crișana will be held on April 20th. President SIF1 Bogdan Drăgoi and vice-president Octavian Avrămoiu each want a new term, just like the other board members Ion Stancu, Dan Weiler and Ionel-Marian Ciucioi. Aside from the current board members, three more individuals have submitted their candidacies: Marcel Heinz Pfister, deputy director Bank Alpinum AG, lawyer Radu Răzvan Străuț, who between 2010 and 2015 worked with Reff și Asociații, and Sorin Marica, former advisor in the Ministry of Tourism, former chairman of brokerage firm Active International and president of Dracula Park.
     Market sources are talking about disagreements at the top of SIF1, and given that SIFs have holdings in each others, their resolution will influence the vote that SIF1 will cast in these elections. 
 

 
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Aceeasi sectiune (English Section)
ROMANIA'S DEVELOPMENT STRATEGY "BETWEEN THE EUROZONE AND THE SIGN OF THE LEU" 3RD EDITION / ADRIAN VASILESCU, BNR:
THE MINISTRY OF ENERGY HAS PROPOSED THE AMENDMENT OF THE LEGISLATION ON SHARE CAPITAL INCREASES WITH THE PLOTS OF LAND CONTRIBUTED BY THE STATE, IN THE PRIVATIZED COMPANIES
FOLLOWING THE ARTICLE PUBLISHED YESTERDAY IN BURSA
THE EUROPEAN COMMISSION CRITICIZING THE MONOPOLY IN THE TRADING OF NATIONAL GAS
THE DIGI OFFER HAS ENDED AT A PRICE OF 40 LEI/SHARE, AND THE LISTING IS SCHEDULED FOR MAY 16
SUBSCRIPTION RATE OF 2783%, ON THE UNGUARANTEED RETAIL TIER UNTIL YESTERDAY
ANDREEA LAMBRU, THE PRESIDENT OF HIDROELECTRICA:
Actualitate - vezi toate știrile mai jos.
Internaţional, 10:44
TOMAC:
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Revista Presei, 10:33
     * ADEVARUL
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     Potrivit unor surse din PSD, Liviu Dragnea și Călin Popescu Tăriceanu s-au coalizat împotriva premierului Sorin Grindeanu și încearcă să schimbe doi, trei miniștri din Guvern, pe motiv că nu comunică suficient. De partea cealaltă, Sorin Gridneanu se opune și i-a transmis lui Dragnea că, în fotbal, nu se fac schimbări în minutul 15 când conduci cu 3 la 0.  detalii
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English Section
26.05.2017
ROMANIA'S DEVELOPMENT STRATEGY "BETWEEN THE EUROZONE AND THE SIGN OF THE LEU" 3RD EDITION / ADRIAN VASILESCU, BNR:
     In 2007, we had a EU-facing strategy, and now we need a Eurozone-facing strategy, said Adrian Vasilescu, strategy consultant with the National Bank of Romania (NBR).  details
24.05.2017
     The public agenda in Romania is dominated by the SIPA scandal, and, more recently, by the activity of the Parliamentary Investigation Commission concerning the presidential elections of 2009. There...  details
24.05.2017
THE MINISTRY OF ENERGY HAS PROPOSED THE AMENDMENT OF THE LEGISLATION ON SHARE CAPITAL INCREASES WITH THE PLOTS OF LAND CONTRIBUTED BY THE STATE, IN THE PRIVATIZED COMPANIES
     * The former head of the privatization department: "OMV needs to bring in to Petrom 12.7 million Euros, instead of 165 million Euros"
     * Veridio reports unclear factors in the draft Government decision drawn up by the Ministry of Energy
     * In November 2016, Petrom still had to obtain ownership certificates for 0.78% of the total plots of land
       After neglecting its own interest for years and despite the warnings of the Court of Auditors, the authorities of the state have accepted the postponement of the share capital increase, with the...  details
22.05.2017
     * Three foreign players - Abu Dhabi Investment Council, VARDE and a Canadian investment fund - are rumored to be interested in Bancpost
      * The bank is also attractive to some lenders operating in Romania
       Aside from the banks in Romania interested in acquiring Bancpost, there are also apparently some foreign entities that have set their sights on Bancpost, according to some market sources. They are...  details
19.05.2017
FOLLOWING THE ARTICLE PUBLISHED YESTERDAY IN BURSA
     BCR yesterday apologized to one of its customers, after BURSA reported that their performing loan with no arrears is registered with the Cadastre Office as having been assigned to a company...  details
18.05.2017
THE EUROPEAN COMMISSION CRITICIZING THE MONOPOLY IN THE TRADING OF NATIONAL GAS
     * BRM accuses the intention to nationalize the trading of natural gas
     * The commission for industries and services: "The European model: one exchange for the transparent, competitive and non-discriminatory trading of natural gas"
     * Sources: The European Commission and the PEGAS pan-European platform for the trading of natural gas warns that the amendments are not compatible with the competition regulations
     * Virgil Popescu, PNL: "We will be asking for the draft law to be sent back to the commission"
       The European Commission reacted on Tuesday, after the deputies of the Commission for Industries and Services have passed a series of amendments to the Natural Gas Law, according to which the gas...  details
17.05.2017
     * Transactions of 62.82 million lei in the first trading day
     * "The EBRD has participated in the offer and it has been allocated the biggest block of shares", the DIGI CEO said
     * Bulgac: "We have considered the listing in Amsterdam or Warsaw as well"
       Shares of DIGI Communications (DIGI) have been listed yesterday, on the Bucharest Stock Exchange, closing the session at 41.2 lei/share, up 3% over the price in the IPO, after closing at 41.7...  details
16.05.2017
     * The ASF has recorded the DIGI shares
       * UPDATE 10:12 DIGI stock opened at 41.7 lei/share
     Digi Comunications (DIGI) opened today's trading session on the BSE, above the closing price in the IPO, at 41.7...  details
15.05.2017
     SIF2 Moldova wants to conduct public buyback offer for its own shares and has already submitted the prospectus for that offer with the Financial Oversight Authority (ASF), according to an...  details
15.05.2017
COPY-PASTE ANSWERS
     * The draft law concerning the approval of the Memorandum of Understanding concluded between the Romanian state and The Rompetrol Group NV got a negative opinion from the Constitutional Commission in the Senate
       * The draft law concerning the approval of the Memorandum of Understanding concluded between the Romanian state and The Rompetrol Group NV got a negative opinion from the Constitutional Commission...  details
12.05.2017
THE DIGI OFFER HAS ENDED AT A PRICE OF 40 LEI/SHARE, AND THE LISTING IS SCHEDULED FOR MAY 16
     * The lawyer says that the ASF must observe ex officio the market manipulation, in the case of the use of bank guarantee letters
     * Piperea: "The law punishes even manipulation attempts, and the fine can go as high as 275,000 lei per day"
     * Raiffeisen secretively replaced an announcement concerning the reallocation between tiers, posted on the BSE website
       The Financial Oversight Authority (ASF) needs to urgently refer the matter to itself concerning a potential market manipulation, in the case of the use of bank guarantee letters in the Digi...  details
11.05.2017
UNPRECEDENTED SITUATION
     * RCS&RDS has been prosecuted just as the IPO was ongoing
     * Some investors forced to withdraw
     * Before the subscription, the EBRD had made a commitment to subscribe, but it had asked the company to make commitments to fight bribery and corruption
       Whether it meant to or not, the National Anti-Corruption Department was a major player in the offer for the listing of Digi Communications, the parent company of RCS&RDS.  details
10.05.2017
SUBSCRIPTION RATE OF 2783%, ON THE UNGUARANTEED RETAIL TIER UNTIL YESTERDAY
     * Some brokers claim that the granting of loan in order to buy stocks skews the demand
     * The ASF shirks any responsibility concerning this offer
     * On May 8th, 2017, RCS&RDS was officially notified by the DNA that it is a suspect in the ongoing investigation
     * Investors can withdraw their subscriptions until 17:00
       Few of the investors in the Digi Communications offer got scared off by the prosecution of two of the RCS&RDS executives and withdrawn their subscriptions, after the amendment of the prospectus...  details
09.05.2017
ANDREEA LAMBRU, THE PRESIDENT OF HIDROELECTRICA:
     * The Ministry of Energy is preparing the change of the privatization method, according to Mrs. Lambru
       Andreea Lambru, the new chairman of the supervisory Board of Hidroelectrica, doesn't expect the company to get listed this year, hinting that time is needed for the Ministry of Energy to change...  details
05.05.2017
     * (Interview with Mr. Dorel Goia, majority shareholder in Teraplast)
     * Goia: "The insolvency of Romcab is a loss both for the economy of the county of Mureș, as well as for the national economy "
       For the economy to grow, we need as many privatizations on the stock exchange as possible, listings of great companies and a sustained education at the national level, so that the investment in the...  details
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