Banca Transilvania - The launch of the rights offering postponed once again

We remind that SIF1 has requested in the law the annulment of all resolutions of TLV's latest GSM, including the one which approved a share capital increase. Due to this legal debate, TLV's RON 120 mn rights offering and the granting of stock dividends was postponed since June. We view this piece of news as neutral, since TLV's has an adequate capital adequacy, 12.7% as of June-2010, and it does not urgently need this rights offering.