English
• The Sibiu Stock Exchange will hold another General Shareholder Meeting in December, and wants to revise its 2012 budget - from profit to loss
The list of candidates for the Board of Directors of Sibex has come to comprise fifteen people, after it was supplemented with those registered for the General Shareholder Meeting of September, which wasn't held at the time, because it was postponed by the Romanian National Securities Commission (CNVM).
On October 16th, the CNVM has ruled that Sibex would add to the notice to attend of the General Shareholder Meeting of November 19th/20th, the items on the agenda pertaining to the General Shareholder Meeting of September 22nd, one of them being the dismissal of the Board of Directors.
Thus, according to Sibex, the applications submitted based on the notice to attend of September 22nd/, September 23rd, will remain valid for the next General Shareholder Meeting.
Also, the Sibiu Stock Exchange has announced that it has extended the deadline for the submission of applications until November 12th, 12:00 hours.
Ovidiu Petru, head of Sibex, has explained that at the time of the summoning of the General Shareholder Meeting, the agenda of the General Shareholder Meeting of November 19th/November 20th included the revocation of just three members of the Council and the election of their replacements. After the CNVM issued Ordinance 346, the notice to attend was supplemented to include the items of the agenda of September's General Shareholder Meeting, in other words with the dismissal of all of the five members of the Board of Directors and the election of new ones, according to Ovidiu Petru.
"Thus, five directors will have to be elected, instead of three", said Ovidiu Petru, who explained: "In order to ensure equal treatment for everyone, we have decided to stop accepting applications until November 12th".
Nevertheless, there are slim chances of surprise applications appearing, according to some reliable sources.
Up until yesterday, the list of candidates featured nine people who had applied by November 1st (the deadline for the registration registered on the first notice to attend), namely Valentin Ionescu, Board member at SIF Moldova, Marius Olteanu, nominated by SAI Sira, Grigore Chiş, CEO of SSIF Broker, Irina Rădulescu, CEO of SSIF Transilvania Capital, Iancu Stavrositu, who nominated himself, Ovidiu Galatanu, recommended by Radu Dimofte (who has a stake of 4.99%), Cristina Duţu, nominated by Bogdan Baloşan (who has a stake of 4.99%), Andrei Suciu, nominated by Ioan Alexandru Botezan, and Daniel Grigoropol, nominated by Georgeta Grecu, as well as the nominations of the General Shareholder Meeting of September, namely Paul Miclăuş, Dan Simionescu, of SIF Transilvania, Dan Ciprian Costea, nominated by "Nova Invest" SA, Ovidiu Petru, nominated by "Super Gold Invest", Alexander Hergan, nominated by Bogdan Baloşan, and lawyer Gabriel Biriş, nominated by Paul Miclăuş.
The winners of the elections will need to commit to a plan to restructure the Sibiu Stock Exchange, and to rebuild its image which was dealt a severe blow by the "Cristian Sima" scandal.
Cristian Sima, the former president of Sibex, has been barred from the stock market for five years as well as fined 50,000 lei, for irregularities found by the CNVM at SSIF WBS România, where the broker had been a shareholder and CEO until April 2011.
Sima sparked a massive scandal on the stock market, after he fled the country, after he lost his clients' money.
The broker claimed in several letters and televised interventions that he ran away because of the threats he received, after exceeding the mandates he had received from his clients.
• A General Shareholder Meeting on December 10th, for a revision of the budget
The shareholders of Sibex will also be summoned on December 10th, to approve the revision of the Revenue and Expense budget for the year 2012, as well as the proposal for the preliminary Revenue and Expense Budget for the first four months of 2013, in proportion for four months of the level of the Revenue and Expense Budget rectified for 2012.
Even though Sibex had made its plan for this year to make a profit of 767,500 lei, it now expects to turn out a loss of 1.59 million lei.
The total revenues are estimated at 2.66 million lei, down 41.4% below the initial forecast, whereas in the revised budget, the total expenses are of 4.26 million lei, up 13% over the initially estimated amount.
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