Electrica Furnizare
MIHAI FERCALĂ, SIF TRANSILVANIA:
BURSA 12.03.2014

Adina Ardeleanu (Translated by Cosmin Ghidoveanu)
 
mărește imaginea
       The shares of SIF3 Transilvania fell 7.78%, in the session which followed the announcement of its management that it is proposing the increase of the share capital using last year's profit and the granting of free shares, instead of dividends.
       The executive president of SIF Transilvania, Mihai Fercală, explained to us, in an interview, the reasons behind this proposal not to distribute the profits. According to him, the granting of free shares is more advantageous than the distribution of the entire profit.

 
     Reporter: It would seem that the investors have not been pleased with the recent proposal of the company to distribute free shares and to keep the profit within SIF Transilvania, judging by the evolution of the price of the SIF3 stock. How would you comment on that?
     Mihai Fercală: I don't know whether the drop of the price was caused by the proposal of SIF Transilvania or by other events which have led to the drop of all the stocks on the Bucharest Stock Exchange.
     The operation of increasing the share capital by offering free shares - one new share for each old share held -is clearly more profitable to investors compared to the situation where we would have completely paid out the net profit in the form of dividends.
     Had we done that, that would have meant a dividend of 17 bani per share.
     If we give free shares, assuming the General Shareholder Meeting accepts the proposal, and the share capital gets doubled, and the trading price will fall by half, even though we don't know for sure that the market will react like that or not, then a new share received free of charge will be worth 30 bani instead of 17.
     Anybody that runs the numbers all the way through can find that the proposal of the directorate and of the Supervisory Board SIF Transilvania is clearly more beneficial to the shareholders.
     I haven't seen any investors operating on the stock market complain publicly in the case of Banca Transilvania, which has offered free shares instead of dividends for years. No one came out to say they are unhappy with that policy.
     Furthermore, by keeping the money within SIF Transilvania, we have the possibility of radically restructuring our portfolio, which was affected over the last few years, due to the payment of very high dividends, of about 85-90% of the net profit. The remaining amount is not enough to make a radical restructuring of the portfolio by replacing non-performing assets with performing ones.
     Reporter: What restructuring do you have in mind?
     Mihai Fercală: Unfortunately, we still have in our portfolio lots of companies that are not listed, companies which we have owned since the initial allocation of 1992, when we were created as a Private Ownership Fund. Those companies are very hard to make profitable, very hard to take public and very hard to sell.
     In many companies, we are not majority shareholders, because we have started off from a 30% initial stake. If the majority shareholder doesn't want to take the company public, we have nothing to do and we are held captive, with those stakes and with those assets, without having the possibility to sell them at prices that would give us a minimum profit - at the face value at least.
     Given that kind of circumstances, we need significant financial resources, which we can only get by making obtain from that profit, which would allow us to buy other assets in the sectors we have identified as having growth potential this year and in the coming years, such as energy, drugs, commodities processing, financial industry, banking. Without sizeable investments in the acquisition of listed assets, in the near future, our portfolio will not generate particular sales. If we follow the theory that we are distributing alarmingly high levels of the profit that we make in the form of dividends, we would essentially be planning to liquidate the SIF in the next 2-3 years.
     The moment we've finished selling the liquid assets, we will no longer have anything else to sell, and when that time comes, not only will the SIF not be making any profit, but the question arises whether the SIF can continue to operate or not.
     Reporter: Are you considering grouping assets in holding structures, like SIF Banat Crișana and SIF Moldova did?
     Mihai Fercală: We can think of many things, but we don't know what they would be useful for. We could, for instance, group into a holding all the stakes we have in tourism. Unfortunately, I don't know if that would help increase the profitability of those assets, even though we have made significant investments in tourism. All the companies in this segment, are profitable, but the profit they can afford to distribute to the SIF, as their majority shareholder, is rather small. So, even if I were to unite all of them into a holding, I don't know what we could do. This year, we will try to sell some of our assets in the tourism sector, the ones that are functional, and we hope we will earn some appropriate proceeds from those sales, which would allow us to invest in other sectors.
     Reporter: This year, you have listed three companies from your portfolio on Sibex and not on the BSE. What were the reasons?
     Mihai Fercală: There was no special reason for us to choose Sibex as opposed to the BSE. Perhaps just the fact that the people at Sibex moved a lot faster than those at the BSE. Our interest was to take a few our assets public on the alternative trading system. This was a response to the need to meet certain legal requirements concerning the risk in our portfolios, namely to lower the weight of unlisted assets to less than 20% of the portfolio.
     Reporter: What is their current weight?
     Mihai Fercală: Right now, they are less than 20%, following these listings. Essentially, we are fully compliant with the all the prudential requirements of the Financial Oversight Authority, as well as within the norms concerning the management of risk at SIF Transilvania.
     Reporter: Do you have any other listings planned in the coming period?
     Mihai Fercală: As we come to the conclusion that more companies can be listed on the alternative trading system, we may do so. Right now, on the occasion of the annual statement, we are conducting a review of all the stakes that we have and one or two months from now we will uncover other companies that could get listed.
     Reporter: You recently sent a letter to Dan Radu Rușanu, who was, at the time. the president of the Financial Oversight Authority, in which you spoke about discrepancies between the legislation and the regulations of the ASF, as well as about the talks concerning the holding limit at the SIFs. Mr. Mircea Ursache also told us that he is postponing the proposals until 2015, as this is an electoral year.
     Mihai Fercală: I don't think that this kind of talks has anything to do with the electoral years or not. We have to start off from a different element, not from what an authority, a broker, or an investor may want, but from what the SIFs actually are. They are private companies. In private companies, the amendment of the articles of incorporation, setting the rules of the game are exclusively the responsibility of the shareholders. You can't have someone from the outside set a restriction on a company or eliminate one. I am wondering what the difference is between SIF Transilvania and Petrom. Can the ASF come in at Petrom and set a restriction or not, or if Petrom has any stipulations in its articles of incorporation that are compliant with the law, can the ASF come in and say "take those stipulations out!"? I don't think so.
     If we constantly try, through various interests, to attack the articles of incorporation of privately owned companies it means that we are violating the regulations of the European Union, which stipulate that the amendment of the articles of incorporation, the setting of restrictions are the exclusive rights of the shareholders of the company. I want to remind you that, a few years ago, SIF Transilvania has proposed the raising of the holding limit from 1% to 5%. At the time, the CNVM could not do it, we had to go to court and by the time the court came up with a solution, the Parliament issued a law and changed the holding limit. We did not dispute the regulation because in actuality it gave us what we wanted, but even that time, the intervention of the Parliament was unconstitutional, from my point of view.
     Reporter: The ASF has also proposed the amendment of the quorum requirements at the SIFs.
     Mihai Fercală: There is the framework, the Law no. 31/1990, which stipulates the quorums in companies for conducting ordinary and extraordinary shareholder meetings, but the limits apply only "if the articles of incorporation have don't have differing stipulations".
     The law does not prohibit companies from setting their own quorum requirements, through their articles of incorporation.
     In a situation like that, it's not the ASF that needs to step in, the ASF has no rights to propose legislative drafts. It can however propose to a ministry, a parliamentary group or to the government to come up with a legislative initiative. As long as the law stipulates the limits or their manner of amendment, any intervention means a measure or censorship of the shareholders' rights. The fact that it is being said that the General Shareholder Meetings can't be held only has two explanations - either there isn't everything being done to reach the quorum, or the shareholders don't want that holding limit to be changed and that is why they are not showing up for the General Shareholder Meetings where it is being discussed.
     Furthermore, the ASF has to decide whether the SIFs are companies or collective investment bodies and treat them accordingly.
     If the SIFs are collective investment bodies, then we pay fees of 0.1% a month, but certain provisions don't apply to us, or we are regular companies and we don't pay any fees to anybody.
     Reporter: Are you considering legal action against the ASF, given these discrepancies?
     Mihai Fercală: Yes, because the ASF has not answered a series of criticisms we have filed against the decisions made by the Authority. We have a complaint with the administrative court. If we win, that's fine, if we don't - we will live with it. The court will decide who is right, us or the ASF. When I am addressing an institution of the state and I am asking for something, it means I am noticing some dysfunctionalities and I am asking them to comply with the law. If it is I who have misunderstood the law, perhaps the court will explain to me how it works.
     Reporter: What is your opinion on the scandal of the ASF and the fact that its chairman and another one of its members were arrested in the "Carpatica" scandal?
     Mihai Fercală: I am sorry that it has come to something like this. I don't know the charges that are being brought against the president of the ASF - if they are real or not -, but, at any rate, this thing can't be good for the stock market and for the notion of regulation itself in general, if the leaders of the supervisory institutions are being charged with breaking the law themselves. I am sorry that something like this has happened. I repeat, I don't know whether Mr. Rușanu is guilty or not, I don't know the details of the case, but since the court decided that he should be arrested, that means there is some evidence that needs to be investigated and heard and I suppose the court will issue a ruling.
     Reporter: Concerning the investment program, did you take into consideration the listings that the state has announced for this year? Do you expect them to stick to that schedule?
     Mihai Fercală: Let's hope that they will, but I can see that surprises are beginning to appear, like the one at Hidroelectrica.
     Reporter: Thank you! 

     
     "This year, we will try to sell off some of our assets we have in the tourism sector".
     
     "The people at Sibex moved a lot faster than those at the BSE".
     
     "I haven't seen any investors operating on the stock market complain about Banca Transilvania, which has offered free shares instead of dividends for years. No one came out to say they are unhappy with that policy".
     
     "We have filed an administrative complaint (ed. note: against the ASF)".

 
 

 
Readers' comments    [ add a comment ] 
1.  si in engleza
    (mesaj trimis de nicolas în data de 12.03.2014, ora 19:39)  
 esti la fel de bun economist si in engleza ca si in romana,,,s-au gindit sa te traduca si pe tine ca pe ceausesc..africanii...Mai da cum gestionezi tu actiunile investotorilor...ca sa faci dividende la moameni...ne spui si noua,,prostii care am cumparat actiuni la sif 3 dorind o dobinda mai buna decit banca,,,,mare MISEL,,,esti bade,,,chiar o sa urmaresc...evolutzia ta viitoare,,sunt sigur ca bine nu o sa-ti fieee..


 
2.  Free shares cheaper than nothing !
    (mesaj trimis de doru stoian în data de 14.03.2014, ora 14:12)  
 
 Romania gratis = priceless !


 
  2.1.   All = whole Romania, for 1 USDNew = 0,5 Yuro !  (răspuns la opinia nr. 2 )
    (mesaj trimis de doru stoian , in data de 14.03.2014, ora 14:15)
 
 
 China & India too expensive !


 
Aceeasi sectiune (English Section)
AT THE INVESTIGATIVE COMMISSION OF THE ACTIVITY OF THE ANRE
RADU CRĂCIUN, APAPR, ABOUT THE INVESTMENT OF PRIVATE PENSION FUNDS IN DIGI, A COMPANY WHICH HAS CRIMINAL ISSUES:
UNICREDIT WARNS THAT THE ROMANIAN GOVERNMENT IS REPEATING MANY OF THE MISTAKES THAT HAVE LED TO THE RECESSION OF 2009-2010
AFTER BEING FORCED TO MOVE THE BRD NĂSTASE ȚIRIAC TROPHY TOURNAMENT TO BUDAPEST
THE CONFERENCE "THE FUTURE OF THE ROMANIAN CAPITAL MARKET" - THE 6TH EDITION/MIRCEA URSACHE, ASF:
FINANCE MINISTRY LAYS GROUNDWORK FOR BUYING GOVERNMENT BONDS DIRECTLY THROUGH THE TREASURY
Actualitate - vezi toate știrile mai jos.
Bănci-Asigurări, 13:13
     * Dolarul a câștigat 0,93 bani în fața monedei naționale
     * Francul a urcat la 3,9799 lei
       Banca Națională a României (BNR) a anunțat, astăzi, un curs de referință de 4,5841 lei pentru moneda europeană, în creștere cu 0,39 bani, comparativ cu ședința de ieri, când euro a fost cotat la 4,5802 lei.  detalii
Companii-Afaceri, 10:20
     * ACTUALIZARE 11:43 Ministrul Turismului: "Cazul Omnia Turism, cea mai mare pagubă în turism după Revoluție"
     Cazul Omnia Turism este cea mai mare pagubă în turism de după Revoluție, a anunțat astăzi ministrul Turismului, Mircea Titus Dobre, care a precizat că ANAF va face în perioda următoare un control la agenția de turism.
     -----
     Cei 80 de turiști români blocați în străinătate, în urma problemelor apărute la agenția Omnia Turism, vor fi aduși în țară, iar ministrul Turismului le recomandă celor care au cumpărat pachete prin această agenție să nu mai plece în acele călătorii, potrivit unui comunicat al Ministerului Turismului trimis Redacției.  detalii
Companii-Afaceri, 13:33
     Compania britanică DS Smith a anunțat miercuri achiziționarea producătorilor români de ambalaje din carton EcoPack și EcoPaper, pentru o valoare de antrepriză de aproximativ 208 milioane de euro (244,6 milioane de dolari), în vederea extinderii prezenței în Europa de Est, potrivit unui comunicat de presă al companiei.  detalii
Companii-Afaceri, 13:30
     Noua conducere a Autorității Naționale de Reglementare în domeniul Energiei (ANRE) a fost votată astăzi de plenul reunit al Camerei Deputaților și Senatului.  detalii
Companii-Afaceri, 12:44
     Grupul Telekom Romania a anunțat astăzi lansarea serviciului financiar digital Telekom Banking, dezvoltat împreună cu banca poloneză Alior Bank, care va permite clienților retrageri gratuite de la orice ATM din țară și din străinătate, timp de trei ani , potrivit unui comunicat de presă trimis Redacției.  detalii
Ediții precedente
Newsletter Facebook Twitter YouTube LinkedIn RSS
Jurnal Bursier
18.10.2017
BVB
     * Creșteri pe linie pentru toți indicii bursei
     * Acțiunile "Impact Developer & Contractor" înregistrează un salt de 3,04%
       După evoluția mixtă de luni a indicilor Bursei de Valori București (BVB), ședința de tranzacționare de ieri a fost marcată de creșterea generală a pieței, în contextul unui rulaj de aproape 24...  detalii
18.10.2017
BURSELE DIN LUME
     Acțiunile tranzacționate la bursele din Europa au scăzut ieri, în majoritate, în special cele din sectorul auto, din cauza slăbirii cererii din domeniu.  detalii
17.10.2017
BVB
     * Titlurile "Fondul Proprietatea" conduc topul lichidității
       Săptămâna de tranzacționare a debutat cu un rulaj de 32,54 milioane de lei, superior celui înregistrat vineri, de circa 23 milioane de lei, în contextul în care cinci dintre indicii Bursei de...  detalii
16.10.2017
BVB / ÎN ULTIMA ȘEDINȚĂ A SĂPTĂMÂNII,
     * Dragoș Mesaroș, "Goldring": "După demisiile miniștrilor, de joi seară, probabil că investitorii au prins curaj, intrând la cumpărare"
       Ultima ședință de tranzacționare a săptămânii a încheiat în teritoriul pozitiv, toți indicii Bursei de Valori București (BVB) marcând creșteri.  detalii
16.10.2017
BURSELE DIN LUME
     Acțiunile tranzacționate pe piețele europene au înregistrat creșteri vineri, în baza evoluțiilor de pe segmentul materiilor prime.  detalii
13.10.2017
BVB
     * Avans de 0,26% pentru BET-NG
       Piața Bursei de Valori București (BVB) a înregistrat, în penultima ședință de tranzacționare a săptămânii, o lichiditate de doar 20,72 milioane de lei (4,51 milioane de euro), sub rulajul de...  detalii
Cotații Internaționale

Curs Valutar

Curs valabil din data de 18 octombrie 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
3,0529
2,3438
3,1159
3,9799
0,1783
0,6158
0,2211
4,5841
5,1388
1,4872
3,4624
0,2244
0,4904
1,0831
0,0680
0,4778
1,0591
3,9032
0,2893
1,2360
0,5892
0,0599
0,3449
0,2076
2,7804
0,0385
0,1468
1,0627
0,6106
0,1178
160,6797
5,4996
..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
16.10.2017
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)
       Donald Trump, the United States president, must decide by October 15th whether or not he will certify if Iran has followed the terms of the nuclear agreement signed in 2015 by Iran and six major western powers.  details
12.10.2017
EARTHLY LAWS, IGNORED ON THE BSE PLANET
     The Bucharest Stock Exchange (BVB), the operator of the Romanian capital market, still stands by the nonsensical claim made by its former CEO Ludwik Sobolewski, that his contract expired on August 21st, but not his mandate.  details
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
       Niculae Havrileț, the president of the National Authority for Regulation in the Energy Sector (ANRE), together with other members of the Regulatory Committee of the ANRE, will arrive before the Commission for the Investigation of the activity of the ANRE.  details
11.10.2017
RADU CRĂCIUN, APAPR, ABOUT THE INVESTMENT OF PRIVATE PENSION FUNDS IN DIGI, A COMPANY WHICH HAS CRIMINAL ISSUES:
     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?(...)
     -------------
     Question nr.1 answers given by my fellow citizens are divided, and this summer polemic between the Euro MP Theodor Stolojan and Daniel Daianu (member of the Romanian National Bank Board of Directors) in the financial newspaper BURSA has shaped up the idea we could adopt Euro anytime (given the condition of maintaining the macroeconomic balances), an idea opposed to the one claiming Euro adoption should wait till the convergence criteria would be fulfilled.  details
09.10.2017
UNICREDIT WARNS THAT THE ROMANIAN GOVERNMENT IS REPEATING MANY OF THE MISTAKES THAT HAVE LED TO THE RECESSION OF 2009-2010
     * Vasilescu: "There are many crystal ball readers, even in the banking system"
     * UniCredit estimates that the leu will continue to weaken against the Euro to 4.6-4.7, in the first quarter of 2018, and that the policy rate will increase to 2.5%
       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"
       PNL senator Daniel Zamfir, president of the Budget Commission in the Senate, a vocal critic of the banking system, of the NBR and of its governor is adamant about bringing up the activity of the NBR from all angles.  details
03.10.2017
     * The BSE may be taken off the watchlist
     * FTSE only noted improvements when it comes to stock lending, while the liquidity requirement has not yet been met
     * Poland, upgraded to the emerging market status
     * Mongolia and Nigeria, removed from the watchlists
       The Bucharest Stock Exchange (BSE) remains a frontier market, for at least a year, after, on Friday night, FTSE Russell did not give promote it.  details
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"
     * Emil Calotă: "If we do not take action, the natural gas stored by the Romanian producers will remain unused, because there will be far cheaper imported gas available"
       The National Authority for the Regulation of the Energy Market (ANRE) has asked for the reconsideration of gas storage policies in Romania to be made a priority, Emil Calotă, the vice-president of the ANRE recently said, in the debates in the Industry Commission of the Romania Parliament about the Draft Law concerning the approval of the Government Emergency Ordinance no.64/2016 for the amendment and completion of the Law of Electricity and of natural gas no. 123/ 2012.  details
29.09.2017
LUCIAN ANGHEL:
     We can't expect Romania to be upgraded to the emerging market status right now, BSE president Lucian Anghel said yesterday, as FTSE Russell will publish today its annual classification report.  details
28.09.2017
     Central European Media (CME), the owner of Pro TV, is currently in negotiations to sell the four TV stations it still holds in Central and Eastern Europe, according to Echo 24, which quotes several concerned sources.  details
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
     Ludwik Sobolewski is no longer the CEO of the Bucharest Stock Exchange (BVB), Mircea Ursache, the vice-president of the Financial Oversight Authority (ASF) said yesterday. He added that the ASF has conducted an analysis concerning corporate governance at the BSE.  details
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
.