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Broker Cluj shareholders reject merger with Transylvania Capital brokerage company

The shareholders of Broker Cluj rejected the proposal to take over the brokerage company Transylvania Capital, as they did not agree with the merger project and would discuss it at a later date, the company informs. By mid August, the management of Broker Cluj completed the draft merger with Transylvania Capital, with the intention to consolidate its position at the two stock markets BVB and Sibex. Broker Cluj announces it is negotiating with other SSIF companies for merger.

Following the merger with Transylvania Capital Broker Cluj would increase its social capital by the value of the social capital received from the absorbed company and would have issued 16.57 million shares with a nominal value of 0.50 lei. Thus the shareholders of Transylvania Capital would have received 28.7 Broker shares in exchange for each title held at the absorbed company.

The project was drawn up when shareholders of the two companies approved the idea of merger.

After the merger, Broker Cluj would have taken over all activities and operations of Transylvania Capital as well as its employees. By merging with Transylvania Capital, Broker Cluj has in view to increase its financial power, to expand its activity, the national network and the number of clients, as well as to consolidate its position in the Romanian stock market.Broker Cluj obtained in the first 6 months of the year a net profit of 2.62 million lei (714,000 euros), on the drop by 87% compared to 2007, on the background of compressing incomes by 63%.In the first half of 2007 Broker had won 20,52 million lei.

The shares of Broker Cluj reached 159.97 million lei (43.83 million euros) by mid 2008, 52% higher than at the end of June 2007, when they were 105.42 million lei.SSIF Broker Cluj estimates a drop of gross profit by 42% this year to 26.1 million lei, on the background of lower incomes by a third compared to the previous year. Broker Cluj has at present a social capital of 144.73 million lei, divided into 289.47 million shares with a nominal value of 0.50 lei. According to the latest report, the main shareholders of the brokerage company are Ioan Curtis with 8.11% and Intervalco with 6.44%.

The shares of Broker Cluj are sold at BVB under the symbol BRK. They closed the 28 August session with a quotation of 0.322 lei, which means a capitalization of 93.2 million lei (26.5 million euros) Transylvania Capital has a social capital of 13.9 million lei, divided into 577,000 shares.

 

 

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Tags: broker capital transylvania million shares would brokerage merger company shareholders bvb

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