Gala BURSA "Deceniul European din Centenarul României"
IT'S ON
BURSA 19.09.2014

ADINA ARDELEANU (Translated by Cosmin Ghidoveanu)
 
mărește imaginea
Mihai Fercală counterattacks against Constantin Frățilă.
     *  The directorate of SIF Transilvania advises shareholders to reject the proposals of Frățilă
     *  The shareholder wants to file a liability lawsuit against the members of the Directorate
     *  Frățilă postpones his reply
       The directorate of SIF3 Transilvania claims that shareholder Constantin Frățilă is getting ready for a hostile takeover of SIF3, in a press release that advises shareholders to reject his proposals, which will be brought up for discussion in the General Shareholder Meeting of October 20th. The reaction of the management of SIF3 comes after new items were added to the agenda of the General Shareholder Meeting, at the request of Frățilă, with the shareholders called to approve on the filing of a liability lawsuit against the members of the Directorate of SIF Transilvania: Mihai Fercală, Iulian Stan (executive vice-president and deputy CEO) and Mihăilă Ion (former executive vice-president), all of whom, according to the group that has rallied behind Frățilă, have exceeded their mandate.
     The proposals of the shareholder were also justified by the failure to comply with the special power of attorney form and the failure to publish the list of the 63 shareholders that have asked the dismissal of Constantin Frățilă from the Supervisory Board, in the meeting of the Ordinary General Shareholder Meeting of August 11th/12th 2014.
     The directorate of SIF3 says: "The argumentation used by the Frățilă group reiterates the alleged illegal use of the special power of attorney to hold the secret vote in the General Shareholder Meetings; just like on every previous occasion, the Frățilă group deliberately glosses over the following: the authority which regulates the capital market (CNVM/ASF) did not dispute the legality of special power of attorney model during the audits it conducted at SIF Transilvania in 2010 and 2013; this model of special power attorney was validated through court rulings as part of lawsuits which had Frățilă Constantin among the plaintiffs as well (decision no. 49/2006 of the Brașov Court of Appeal); in 2013 Frățilă Constantin was elected as member of the Supervisory Board of SIF Transilvania by using the same model of the special power of attorney; neither then nor nor now did Mr. Constantin Frățilă worry that he could be accused of lack of morality".
     The representatives of SIF3 say that they did not make public the list of the 63 shareholders that the Frățilă group is referring to in order to comply with the legal requirements, which make it the shareholder's obligation to do so.
     SIF3 shareholders will also have to decide on the reduction of the salary of the executive president, Mihai Fercală.
     The monthly compensation of the president of the Supervisory Board is currently set at the equivalent of 7 times the gross average salary paid by the company, whereas the compensation of the president of the directorate is set at 12 average salaries, the request of Constantin Frățilă states.
     Frățilă wants the president of the Supervisory Board to receive a compensation equal to 3 monthly average gross salaries, and the president of the Directorate to be paid the equivalent of 5 monthly average gross salaries.
     Among other things, Constantin Frățilă has also requested for his proposals which were rejected by the shareholders in the Extraordinary General Shareholder Meeting of August 11th, to once again be included on the agenda of the next Extraordinary General Shareholder Meeting of SIF3: namely, the dismissal of the administrators and executives of the companies that SIF3 has in its portfolio if they fail to achieve the profit targets set through the Revenue and Expense Budget, as well the non-payment of the compensation of the executives and administrators of companies in which SIF3 is a majority shareholder if, during a fiscal year, their net asset falls compared to the previous fiscal year.
     The directorate of SIF3 claims that through his proposals, Frățilă is getting ready for the hostile takeover of SIF Transilvania: "So far, the group of Frățilă has asked the shareholders over and over again to vote on specific decisions, despite the fact that the shareholders had already rejected them (examples: the use of the cumulative voting method when electing the members of the Board, the participation of employees in the distribution of profit, decisions of the shareholders of the SIF concerning the directors and companies in the portfolio, the level of the remuneration of the management bodies of the SIF, the filing of a lawsuit for liability against the CEO). This constant harassment of the shareholders and of the executive management of the company now reaches a climax with the revelation of the true purpose of all the actions of the Frățilă group, coordinated by Mr. Constantin Frățilă: the hostile takeover of SIF Transilvania by the group of shareholders rallied around Frățilă, which holds about 5.001% of the share capital of SIF Transilvania, a group which he is coordinating. The preparation for this takeover has begun the moment Mr. Frățilă Constantin entered the Supervisory Board, continued with repeated calls for the holding of the General Shareholder Meeting and votes resolutions which shareholders had already made a decision on, went on with the invoking of populist issues to mislead, by alleging violations of the law, through mind-boggling requests addressed repeatedly to financial auditor PricewaterhouseCoopers, and now, through a method which is meant to falsely reflect the extreme concern of a shareholder for the destiny of SIF Transilvania: the persons that get sanctioned by the ASF should get dismissed by law from the positions they hold within SIF Transilvania, and no less than as soon as the sanction is publicly announced. In reality however, the Frățilă group, which has been endlessly trying to bring the liability lawsuit against CEO Mihai Fercală, which has extended the scope of its attempts to bring the liability lawsuit to include the president of the Directorate as well, the same Frățilă group which is behind the sanctions applied to the members of the Directorate in 2014 by the ASF, is seeking to decapitate the management of SIF Transilvania and the takeover of the company both through acquiring a controlling interest, as well as by taking control of the Supervisory Board (which he has just been revoked from) and of the Directorate.
     All of the actions of the Frățilă group are clearly harassment, abuse of his position of shareholder, the use in ill-faith of the rights conferred by the holding of shares, against the legitimate interests of the other shareholders and against the fundamental interest of the company".
     In the context of its fight against Mr. Frățilă, the management of SIF Transilvania publicly submits a complaint to the Financial Oversight Authority and all the authorities and competent institutions on the concrete actions taken by the Frățilă group to conduct a hostile takeover of SIF "Transilvania".
     Contacted by BURSA, Constantin Frățilă told us that he would prefer to read the press release of SIF3, before issuing an opinion.
     Fercală and Frățilă are also at odds at COMCM Constanța, a company which is part of the portfolio of SIF Transilvania, where recently, both SIF3 and Constantin Frățilă each announced that they have elected the board of the company: SIF3 on the first summoning of the General Shareholder Meeting, and the management of COMCM, on the second summoning.
     The ASF later decided to intervene, and suspended the trading in the COMCM shares, until the situation was resolved. 
 

 
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
Newsletter Facebook Twitter YouTube LinkedIn RSS
Actualitate - vezi toate știrile mai jos.
Companii-Afaceri, 21:08
     Agenția Națională pentru Ocuparea Forței de Muncă (ANOFM) avea înregistrate astăzi, în evidențele sale, un număr de 26.081 de locuri de muncă vacante, potrivit datelor furnizate de agenții economici, se arată într-un comunicat de presă al instituției.  detalii
Strategia Naţională Anticorupţie, 20:44
KOVESI, DESPRE O POSIBILĂ REVOCARE A SA:
     Procurorul șef al Direcția Națională Anticorupție (DNA), Laura Codruța Kovesi, a afirmat, în această seară, că nu are emoții privind o posibilă revocare a sa din funcție și că își va face treaba până în ultima zi de mandat sau "până în ziua în care se cere revocarea sau ce se mai poate cere".  detalii
Internaţional, 20:22
     Patru din principalii indici bursieri europeni au închis ședința de tranzacționare de astăzi în apreciere.  detalii
Piaţa de Capital, 20:03
     Indicii de pe Bursa de Valori București (BVB) au închis în teritoriu pozitiv a doua ședință de tranzacționare a săptămânii, lichiditatea totală fiind de 40,28 milioane de lei (8,65 milioane euro), peste rulajul înregistrat ieri (5,7 milioane euro).  detalii
Politică, 19:20
NICULAE BĂDĂLĂU:
     Președintele executiv al PSD, Niculae Bădălău, l-a contrazis astăzi pe liderul social-democrat Liviu Dragnea, spunând că mitingurile anunțate de acesta la finalul săptămânii trecute nu ar trebui organizate în viitorul apropiat deoarece parlamentarii au treabă și nu pot lipsi pentru a merge la proteste.  detalii
Ediții precedente
Jurnal Bursier
21.11.2017
BVB
     Bursa de Valori București (BVB) a înregistrat, în prima ședință de tranzacționare a săptămânii, o lichiditate de 26,7 milioane de lei (5,7 milioane de euro), cu mult în scădere față de ședința de...  detalii
21.11.2017
BURSELE DIN LUME
     * Piețele au depășit impactul inițial negativ generat de impasul politic din Germania
       Bursele din Europa s-au înscris pe un curs pozitiv ieri, în a doua parte a zilei, după ce, anterior, scăzuseră pe motiv că negocierile pentru formarea unei coaliții de guvernământ în Germania erau...  detalii
20.11.2017
BVB
     * Piața, dominată de tranzacțiile cu obligațiuni, care au generat peste 80% din rulajul total
       Lichiditatea înregistrată pe Bursa de Valori București (BVB) în ultima ședință de tranzacționare a săptămâ-nii a fost de 266,56 milioane lei, mult peste media anuală de 48,61 milioane de lei, în...  detalii
20.11.2017
BURSELE DIN LUME
     Acțiunile de pe piețele europene au scăzut vineri, din cauza estimărilor dezamăgitoare lansate de unele companii.  detalii
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
Cotații Internaționale

Curs Valutar

Curs valabil din data de 21 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
3,0042
2,3802
3,0995
3,9960
0,1822
0,6255
0,2249
4,6551
5,2461
1,4877
3,5249
0,2251
0,4802
1,0999
0,0667
0,4669
1,0017
3,9650
0,2813
1,2166
0,5977
0,0611
0,3643
0,2091
2,7052
0,0392
0,1498
1,0795
0,6153
0,1210
163,2575
5,5883
..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
21.11.2017
     The Council of the European Union and the European Parliament have sent to the ECB, in the beginning of this year, a request concerning the sending of some proposals to revise the framework for managing crises.  details
20.11.2017
ANPC STRIKES AGAIN
     * BCR: "Ongoing contracts no longer contain the clauses that have been subjected to examination"
     * Sources: "ANPC has 6 lawsuits against BCR, which will lead to enormous losses for Erste Bank if BCR loses in court"
       After forcing Raiffeisen Bank to eliminate the unfair practices from the loan agreements, the National Consumer Protection Authority (ANPC) strikes again, this time the biggest bank in the system. BCR lost in the court of first instance, against the ANPC, in a class action lawsuit concerning abusive lending clauses.  details
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
.