A new attempt to revoke the management of Sibex

Some of the shareholders which last week failed to replace the management of the Sibiu Exchange want to try again at the General Shareholder Meeting of Sibex, scheduled at the end of this month.

Alexandru Elian, the head of brokerage firm "Delta Valori Mobiliare", which holds almost 5% of Sibex, together with Bogdan Baloşan, Narcisa Grigoriu and Cornel Albu have requested the revocation of the current Board of Directors of the Sibiu Exchange and the election of a new one through the method of the cumulative vote. Cristian Sima, one of the most important shareholders who last year tried to change the Board of Directors of Sibiu, is expected to join this action.

"Last time we didn"t request the election of the members of the board using the cumulative voting method and that was a mistake. We are now trying to remedy this mistake", said Alexandru Elian, who added: "If the members of the Board of Directors get elected through the cumulative vote method, there will be no winners or losers, but instead we will have a better representation of shareholders on the level of the Board of Directors. We made the decision to request the revocation of the current board of directors because I felt that Sibex wasn"t going down the right path as a business, and when I am saying that I am referring to its financial indicators. I am not against the idea of a merger, but I do believe that this move is a business decision and I think its timing is bad. For now, Mr. Sima hasn"t rallied this group of shareholders, but we will see. We are holding talks with everyone involved in the market".

Rumors about the possible holding of new elections at Sibex had been going around for a few years, as the move of the shareholders had been anticipated by Teodor Ancuţa, the current president and CEO of Sibex. He announced that he intends to remain a CEO of Sibex and to be replaced as CEO by an Irishman specializing in derivatives, Patrick Young, which he has introduced to the press in the beginning of the week. However, in order to implement his plans, Teodor Ancuţa, needs the support of the shareholders of Sibex, who were called to approve the separation of the positions of president and of that of CEO. Under this version, Patrick Young would be elected as CEO by the Board of Directors.

"I do not believe that the request of the shareholders to revoke the Board of Directors endangers the appointment of Mr. Young as an executive of Sibex", said Teodor Ancuţa, who added: "The group of shareholders who made the current request is the same as last time, besides they even said that they would not give up...This doesn"t bode well for Sibex, but I do hope that things will clarify".

At the end of 2010, a group of shareholders which included Cristian Sima and Alexandru Elian have requested the revocation of the board of Directors of Sibex and the appointment of a new one, however, after the elections, Cristian Sima lost his seat on the Board.