Shareholders of "Transgaz", called to decide the replacement of the Chairman of the Board

The shareholders of "Transgaz" Mediaş (symbol: TGN) are called, on January 17th, 2013, to decide the dismissal of Victor Alexandru Schmidt, the current chairman of the Board, according to a press release sent to the Bucharest Stock Exchange.

The shareholders will also decide on the dismissal of Mrs. Ionica Raicu from the Board of Directors.

The Agenda of the General Shareholder Meeting also includes the appointment of the new Chairman of the Board and the election of the new temporary directors on the positions which have remained vacant.

According to the document, the deadline for submitting candidacies for the vacant positions is December 27th, 2012.

During that meeting, the shareholders of "Transgaz" will also discuss the appraisal of the plots of land owned by the company. "Transgaz" Mediaş has reported a net profit of 215.2 million lei, at the end of Q3 2012, down 24.19% YOY, according to a report sent to the Bucharest Stock Exchange. The total revenues of the company fell by approximately 5.78 million lei, from 1,025,845,152 lei on September 30th, 2011 to 1,,020,066,906 lei on September 30 2012, whereas total expenses increased 63.4 million lei, from 686.03 million lei to 749.4 million lei.

The gross profit fell 20.37%, from 339.8 million lei in the first nine months of 2011, to 270.6 million lei at the end of Q3 2012.

Short as well as long term debts of "Transgaz" decreased at the end of the first three quarters of 2012. Short term debts fell to 256.4 million lei=, and short term debts - to 57.6 million lei.

"Transgaz" has a share capital of 117,738,440 lei, divided into 11,773,844 shares with a face value of 10 lei/share. The minority shareholder of Transgaz is the Ministry of the Economy, with 73.50% of the shares, followed by the Proprietatea Fund, with a stake of 14.98%.