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Securities Commission ordinance regarding the breach in ownership limit

SIF Banat Crisana (SIF1), SIF Moldova (SIF2) and SIF Transilvania (SIF3) announced that the Securities Commission (CNVM) has issued several ordinances regarding the breach of the 1% ownership limit in SIFs.

CNVM has identified several groups of investors which by acting in concerted manner has breach the 1% ownership limit and asked them to comply with the law within 90 days. The groups have the possibility to appeal the decision within 30 days. The largest such group was considered to be the one gathered around Banca Transilvania (TLV), formed by TLV itself, its subsidiaries, investment funds under its management and several others individuals and entities, which had between them around 17.3% of SIF1's shares. A second group of investors was the one gathered around Mr. Chelu which controls around 1.8% of SIF1's share capital and 9.2% of SIF3's share capital. A third group of investors is Glintir Pankki Bank, a shareholder in SIF2, but whose ownership was not disclosed. The news is negative, since to fully comply with the law, the investors would have to sell their shares, putting a negative pressure on their prices. Still, we expect that at least Banca Transilvania group will contest the ordinance, as in their case it seems that the group comprises entities which are not 'stricto sensu' part of the Banca Transilvania group.

Sursa: http://www.rciro.ro

Tags: sif group limit ownership breach

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