Gala BURSA "Deceniul European din Centenarul României"
EXCLUSIVE - FERCALĂ TELLS ON BÎLTEANU IN A LETTER ADDRESSED TO RUȘANU
BURSA 05.03.2014

ADINA ARDELEANU (Translated by Cosmin Ghidoveanu)
 
mărește imaginea
     *  The groups of Cătălin Chelu, Dinel Staicu, Constantin Frățilă, Gheorghe Iaciu, Dragoș Bîlteanu - provided as examples by the CEO of SIF3 Transilvania
       In a letter from February 19th, Mihai Fercală, the CEO of SIF3 Transilvania, warns the chairman of the ASF, Dan Radu Rușanu, against the manner of voting in the General Shareholder Meetings of the SIFs and against the proposals to raise the holding limit, and he mentions that over the last ten years, there have been hostile takeover attempts against the SIFs.
     It would seem that Dan Radu Rușanu did not get the chance to answer Fercală's letter, given the fact that he was indicted by the DNA, in the "Carpatica" case, and he was arrested yesterday for 29 days.
     Mihai Fercală mentioned as examples the faction of Cătălin Chelu, at SIF Moldova and Oltenia, the Dinel Staicu group, at SIF Oltenia, the Constantin Frățilă group, at SIF Transilvania, the group of Gheorghe Iaciu, at SIF Muntenia and the Dragoș Bîlteanu faction, at SIF Banat Crișana.
     "This latter faction, by taking over control, has decided not to pay dividends, has decided operations that conflict with the law and the with the interest of the other shareholders, has dictated SIF1 making operations involving companies within the group, transfers of assets abroad etc, facts which are known by the ASF and which it reported to the General Police Inspectorate and about which complaints have been filed and which have been disputed by various shareholders in various institutions", the aforementioned letter writes.
     Mihai Fercală begins his letter, which was obtained exclusively by BURSA, by reminding that in the beginning, the SIFs were intended to manage the stakes of over 7 million citizens, as part of the privatization process: "Today, in each of the five SIFs there are still about 500,000-600,000 shareholders that are active, that trade shares, who are interested, who monitor the activity of the SIFs and who vote electronically and/or by mail on the occasion of the General Shareholder Meetings".
     * Mihai Fercală accuses the regulations of the ASF of not being in compliance with the law
     According to Mihai Fercală, considering the fact that the SIFs have been classified and registered as "Other types of collective placement institutions (AOPC)", which pay monthly fees of 0.1% of the value of their net assets, they are not regular companies, even though the former CNVM has applied that kind of regulations to them.
     "There are two possibilities: either the SIFs are not required to pay taxes, if the CNVM/ASF qualifies them as regular companies and the provisions of Ordinance 32/2012 apply to them, or the provisions of Ordinance 32/2012 and the Directive 2007/36/CE, don't apply to them, if it wants them to pay that fee, because it has classified them as < < Other Collective Placement Organisms > >", the chairman of SIF3 says, who said that this situation needs to be resolved.
     He also says that another regulation - of an administrative nature - which goes against the law governing companies and even against the law governing the stock market and, the application of which is particularly disruptive to General Shareholder Meetings, is represented by the provisions of art. 125 of the Regulation 1/2006 of the CNVM which stipulates that any shareholder or group of shareholders that own 5% of the equity of a SIF can request the application of the cumulative vote method in the election of the members of the Board of Directors, and that they can propose a new resolution with a minimum of 10 days prior to the holding of General Shareholder Meetings, thus violating the right to full and complete information of the shareholders that vote by mail or electronically.
     According to the Law no. 31/1990 republished, the proposals of the shareholders who want to make additions to the agenda must be submitted to the Board of Directors within a maximum of 15 days from the publication of the notice to attend, Fercală writes in the letter.
     Mihai Fercală also says that, by preserving the provisions of article 125 of the Regulation 1/2006, things can come to the situation where the shareholders that have voted by mail /electronically/by proxy, prior to the making of the new proposals, will no longer have the possibility to find out about them, which thus lays the groundwork for discrimination: "Illegal regulations, such as this one have generated, and will probably generate arguments, and major disagreements in the general shareholder meetings of the SIFs, controversies and challenges, which impact the prices of their stocks, a danger which can be easily eliminated by keeping the regulations issued by the CNVM-ASF in line with the laws".
     The chairman of SIF3 says that urgent action is required, considering that the General Shareholder Meetings for the Approval of the balance sheets are getting closer.
     * Cumulative voting, another thorny issue
     Mr. Fercală also warns the chairman of the ASF on the conditions for requesting the cumulative vote, as a measure intended to protect the minority shareholders, in the event of the election of the members of the Boards of Directors.
     Given the 5% holding limit at the SIFs, Mihai Fercală states that, in these companies, there can be no minority or majority shareholders, within the common meaning of the term, and thus the method of the cumulative vote is not applicable. Thus, in his opinion, the application of this method "will favor certain shareholder groups, interested in promoting certain policies which are not compatible with the specific nature of this kind of companies".
     Also, the president of SIF Transilvania considers: "The statements made by interested persons in promoting certain policies when it comes to the SIFs, according to which the majority of shareholders aren't getting involved in the voting in the General Shareholder Meetings of the SIFs, because they don't even know they are stockholders in the SIFs, is false and ill-intentioned. At SIF Transilvania, for example, in each general shareholder meeting, every year, about 350,000 - 370,000 shareholders vote electronically, through powers of attorney or by physically attending the meetings, which is something that can be verified and proven at any time through the contents of the minutes of the meetings concerning the quorum. It's only those that have other interests and don't want an appropriate quorum being achieved at a specific shareholder meeting that can't ensure the legal and physical quorum requirements, to allow the making of decisions that are of general interest rather the kind that favor small groups of shareholders, such as those of Cătălin Chelu, Dinel Staicu and others that have caused serious problems to the CNVM, in relation to the SIFs which they were shareholders in".
     * "There are some offshore companies acting in concert"
     Also, Mihai Fercală reminds that the law of companies stipulates that there is a holding limit, which is intended to protect the shareholders from the risk of having a SIF being hostilely taken over, through the board of directors/supervisory board, by a number of interested shareholders, saying that this kind of attempts have occurred in the last ten years.
     The president of SIF 3 considers that claims that eliminating the holding and voting restrictions will increase the traded volumes are false, "perhaps even likely to heavy-handedly manipulate the stock market, because they are being thrown around precisely by the ones who want to enslave the SIFs to their own interests".
     The letter also writes: "Besides, since the holding limit has been changed from 1% to 5%, nothing significant happened, except for a day or two. There are currently no more than 1-2 shareholders with a limit of a maximum of 5% for each SIF. On the contrary, there are concerted holdings, of offshore companies, companies owned by the same shareholders who, in this way want to avoid being accused of acting in concert in their attempts to take over the SIFs, which still hold interesting assets in their portfolios".
     According to Mihai Fercală, any intervention of the lawmaker to set up or eliminate the holding limits, an the amendment of the articles of incorporation of the fully-privately owned companies is in violation of the terms of the Treaty for the Functioning of the European Union.
     At the end of February, Mircea Ursache, the vice-president of the capital market division of the ASF said that for this year, he has dropped the idea of raising the holding limit in the five financial investment companies (SIFs), due to the strains caused by the fact that we are in a year of political elections. He has stated, however, that he wants to resume talks on this subject next year. 
 

 
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, 11:27
     Ministerul Turismului va organiza miercuri o dezbatere privind sistemul de redevențe al resurselor hidrotermale.  detalii
Miscellanea, 11:19
     Peste 750 de infracțiuni au fost constate de polițiști într-o singură zi și au fost date aproximativ 7.500 de amenzi în valoare de aproape 2,5 milioane de lei, potrivit unui comunicat de presă.  detalii
Companii-Afaceri, 10:53
     Amazon.com este una dintre cele mai valoroase companii la nivel mondial, cu o capitalizare de aproximativ 548 de miliarde de dolari, datorată unei creșteri de 51% a acțiunilor în 2017, iar analiștii băncii Morgan Stanley prognozează că în decurs de un an capitalizarea companiei de comerț electronic ar putea urca la 1.000 de miliarde de dolari, relatează MarketWatch.  detalii
Politică, 10:28
FLORIN JIANU:
     Modificările aduse Legii dialogului social, între care introducerea obligativității negocierilor colective pentru toți angajatorii, pentru toate contractele de muncă, arată disperarea Guvernului de a găsi soluții nerealiste la problemele generate de transferul contribuțiilor de la angajator la angajat, spune Florin Jianu, președintele Consiliului Național al Întreprinderilor Private Mici și Mijlocii din România (CNIPMMR).  detalii
Revista Presei, 10:07
     * ADEVARUL
     * PSD începe lupta cu un nou dușman: Statului paralel
     PSD a adoptat o rezoluție în care vorbește de "statul paralel și ilegitim", acesta fiind văzut responsabil de atacurile la adresa liderilor PSD și de problemele cu Justiția pe care le au aceștia.  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
.