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Court decision on annulment of rise in SIF Transilvania's share capital is suspended

The decision ruled by the Court of Appeal Brasov of annulling the rise in the share capital of SIF3 Transilvania, decided by shareholders in April 2007, has been suspended until the High Court of Cassation and Justice will take a decision in the appeal submitted by SIF Transilvania, according to a report of the financial investment company sent to Bucharest Stock Exchange (BVB).

Through the decision ruled in the meeting of the Chamber of Council of Monday, June 9, the High Court of Cassation and Justice admitted the request of suspension until the solving of the request of suspension at the appeal and the decision is final. The National Securities Commission (CNVM) issued an ordinance through which it blocked again, starting Monday, June 9, for two weeks, the package of over 546 million shares issued by SIF3 Transilvania after the rise in capital in the spring of 2007. The surveillance body took this measure because the dispute between SIF Transilvania and one of its shareholders, Cocor stock company, which filed suit against the rise in capital, has not yet been finalised. According to a decision of the extraordinary general shareholders meeting (AGEA)SIF Transilvania of April 2007, the share capital was increased through the issuing of free shares which were to be held by bond holders SIF3, however Cocor contested in court the decision on grounds that the statutary requirements for the AGEA quorum were not met. At the end of April 2007, the Extraordinary General Shareholders Meeting SIF3 Transilvania approved the increase of the share capital from 54.6 million lei to 109.2 million lei. Sursa: http://www.rompress.ro

Tags: sif decision transilvania capital share court bvb

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