The board of the former SIF Oltenia closes down the Craiova headquarters

The board of directors of Infinity Capital Investments is closing down the secondary headquarters in Craiova, according to a report by the former SIF Oltenia published yesterday on the website of the Bucharest Stock Exchange (BVB).

In April of this year, Infinity shareholders approved the relocation of the issuer's registered office from Craiova to Bucharest. The closure of the headquarters in the capital of Oltenia most likely marks the final stage of the process of transferring the activity from Craiova - the city where the former financial investment company was established - to Bucharest. This process began in 2020-2021, after the hostile takeover of the issuer's management by a group coordinated by the current Lion Capital and Longshield Investment Group. The former SIFs financed other investment funds, which in turn bought shares of the Craiova-based company, thus exceeding the 5% threshold in force at the time. The former management of SIF Oltenia, led by president Tudor Ciurezu, requested the Financial Supervisory Authority (ASF) to declare the two SIFs and the funds they finance in concert, but the market supervisor argued in one that there was no concertation because the fund managers are independent of those who finance them. In reality, the group acted in concert.

Recently, FIA Active Plus, an investment fund managed by Swiss Capital Asset Management and whose units are almost entirely owned by Lion Capital and Longshield Investment Group, massively sold Infinity Capital Investment shares in an offer carried out this month. The fund reported a decrease in its holding in Infinity below the 5% threshold on August 21, to 1.49%, 9.5% below its holding at the end of June, of about 11%. FIA Active Plus is one of the interposed funds through which the current Lion Capital and Longshield Investment took over the management of the former SIF Oltenia in a hostile manner.

Infinity Capital Investments reported a Net Asset Value of 3.84 million lei for July, equivalent to a trading discount of 67% compared to the stock market capitalization of almost 1.28 billion lei.