On Friday evening, the country’s Securities Commission CNVM annulled SIBEX stockholders’ meeting scheduled September 22 on revoking the current Managing Board and choose a new one, fueled by the losses reported so far in 2012.
The two stockholders asking for a new meeting are Bogdan Balosan and WK Group Sibiu, and own a total 7.74% in Sibex. The two stockholders want to revoke three managers, namely Sima, Paul Gabriel Miclaus and Alexandru Gaitan.
CNVM’s decision comes on Sibex’s Board announcement of limiting the voting rights to 5% to the five investment funds SIFs and SSIF Broker on allegedly acting together.
According to sources on the capital market, the SIFs had allegedly decided to change Sibex’s Board of directors, dissatisfied with some of the managers’ decision.
At the end of the first quarter, the five SIFs held almost 16% of Sibex shares, with SIF Moldova owning almost 5%, SIF Muntenia, a 4.95% stake, and SIF Transilvania, a 4.69% stake.
In the first quarter of 2012, Sibex posted a profit of only 1,800 lei (EUR339,113), while in the next quarters it switched to losses.
In January to June it reported a loss of RON149,000. Also, in 2011, Sibex loss was at RON596,000.
A number of 10 persons are running for the five positions in Sibex Board.
The candidates are the founder of real estate group Avrig 35 Alexander Hergan, lawyer Gabriel Biris, one of the two Sibex deputy general managers Ovidiu Petru, former general manager of Bucharest Stock Exchange Valentin Ionescu and current Board member at SIF Moldova, the head of Interfinbrok broker and vice-president of the Brokers’ Associations Iancu Stavrositu , as well as Ciprian Costea, director with Nova Invest.
The other candidates are four current managers, namely SIF Transilvania’s representative Dan Simionescu, former vice president of Romanian Securities Commission CNVM Cristian Sima, Sibex’ current vice-president Paul Miclaus, as well as Alexandru Gaitan, portfolio manager at London’s Frontier Capital Management.
Sibex Board is made of five members, one of whom is president and another vice-president. The current Managing Board was chosen in April 2011, when the bourse’s stockholders chose three new members and confirmed the representatives of SIF Transilvania and SIF Muntenia, Dan Simionescu and Gabriel Filimon, respectively. (EUR1=RON4.5176)