ANOTHER REVOLUTION IN A TEACUP The shareholders have asked for the management of Sibex to be replaced

The replacement of the management of Sibex was asked by a group of shareholders who own 5.6375% of the company together, as they are unhappy with the results of the Sibiu exchange, since the appointment of Cristian Sima as CEO.

The shareholders in question are Delta Valori Mobiliare, Super Gold Invest and Interfinbrok.

Sibex yesterday informed that it has received a request to summon the General Shareholder Meeting, the agenda of which includes the revocation of the Board of Directors and the appointment of a new one.

"The Board of Directors will review the request it has received and will take the necessary measures, according to the legal provisions", according to the press release sent by Sibex.

Sibex ended the first half of the year with losses of 149,054 lei, after a profit of just 1,795 lei, in the first quarter. In 2011, the company had a loss of almost 600,000 lei.

Thus, the discontent of several shareholders came to a head, and the planned management changes concern predominantly Cristian Sima, the Chairman of the Board.

Cristian Sima could not be contacted for statements last night.

According to some sources, the people of SIF Moldova are also unhappy with the performance of the management of the Sibiu Exchange.

It is also rumored that the changes in the management of the Romanian Clearing House, in April, made the shareholders of Sibex unhappy as well.

Thus, the replacement on the Board of Directors of Grigore Chiş, the general manager of SSIF "BROKER", and of Adriana Vişan, of SIF "Moldova", with two bankers - Cristian Ionescu, country manager "Coface", and Ciprian Păltineanu, director at Unicredit Ţiriac Bank, - would have been perceived as the outcome of driving away of the representatives of the SIFs from the management of the divisions of the Sibiu Exchange.

Other sources claim that two shareholders who are interested in a "revolution" would be Bogdan Baloşan, an important shareholder of Sibex and Dan Simionescu, of SIF Transilvania.

In an interview he granted us in May, the former CEO of Sibex, Teodor Ancuţa said that Sibex "is going down the wrong path, and is going in a direction which in a relatively short time will make most shareholders unhappy, including the traitors".

At the time, he emphasized the loss which Sibex posted in 2011, whereas it made a profit of 237,723 in 2010 (year when it had very large expenses - the launch of the spot market, new products - the Dow Jones derivative, carbon dioxide certificates, the implementation of the Treyport platform).

Cristian Sima became the CEO of Sibex after a major row at the General Shareholder Meeting, in April 2011, when former CEO Teodor Ancuţa was sacked. At the time, the General Shareholder Meeting was challenged in court.

This year began with a change in management at the Bucharest Stock Exchange, which went relatively smoothly.

This month, the market saw another battle, in SIF4 Muntenia, where the largest shareholder, businessman Gheorghe Iaciu, together with his supporters, succeeded in changing the Council of Representatives, in a marathon shareholder meeting of over 30 hours.

After the "revolution" of SIF4, some brokers expect similar moves in the other SIFs.

Even though the discontent against Sibex was also great, some people expected the attack to be left until autumn. However, it would seem that the patience of some of the shareholders has reached its limits.