Shareholders of "Celule Electrice" vote against the appointment of a single company as an administrator of "Celule Electrice"

During Tuesday"s General Shareholder Assembly, shareholders of "Celule Electrice" Băileşti (symbol:CLEL), a company controlled by businessman Cătălin Chelu, unanimously voted against the dismissal of the Board of Directors and the appointment of a company that would take over the management of CLEL. The shareholders also voted against the election of directors by cumulative vote.

However, in spite of these decisions, during the Extraordinary Shareholder Assembly, which was also held on Tuesday, the shareholders of "Celule Electrice" approved, with a majority of votes, the amendment of the company"s articles of incorporation allowing it to be managed by either a Board of Directors, a sole administrator or by an administration company. In doing this, the shareholders left the door open for the modification of the company"s type of management further down the road.

Proposals similar to the one made to the shareholders of CLEL were included in the notices to attend of other listed companies in which Cătălin Chelu is a shareholder, such as "Altur" Slatina or "Galfinband" Galaţi. The General Shareholder Assembly of "Altur" was scheduled to take place yesterday, whereas the one for "Galfinband" was summoned for August 16th. SIF "Oltenia" together with a few other individual shareholders, which together control 10% of the company, requested that the agenda of the shareholder assembly of "Altur" Slatina be amended to include the proposal of electing the Board of Directors by cumulating votes.