Sibex is short on imagination

Boy, was I ever proud of predicting the outcomes of the two general shareholder meetings of the two Exchanges! Except now, I"m feeling rather embarrassed that I can"t explain what"s happening at Sibex.

Because I can"t make any sense out of it.

The Sibiu Exchange has three presidents.

The first president is Teodor Ancuţa, who, until the new president, who was elected by the shareholders, gets validated, should keep performing his functions, ensuring the continuity of the management of the Exchange and the preparation of the handover protocol.

But Teodor Ancuţa seems to have disappeared from Sibex, a few days after the General Shareholder Meeting of April 29th. On May 2nd, we found out that he handed in his resignation from the position of General Manager.

Why?!

What is this nonsense?

First reaction one gets when hearing this news, is to wonder how can one person hand in his resignation for half of his position of "president-managing director"?

It"s one thing to be " president", another to be "managing director" and yet another to be "president-managing director".

Two people from different sides of the struggle in Sibiu claim that Ancuţa held both positions - president and director -, and two other people, who are on opposite sides as well, claim that he did not cumulate two positions, but rather he only held one, which was cumulative in itself - "president - managing director".

The articles of incorporation of Sibex contains no mention of this.

In the Prospectus for the self-listing of Sibex on the Exchange (approved by the C.N.V.M, through the Decision no. 47/12.01.2010), Teodor Ancuţa is referred to using both expressions - sometimes "president-managing director ", sometimes "president and managing director".

So?!

Did he hold three positions?

Or maybe even four?! (he was a "leader" as well).

Anyway...

He handed in his resignation from the position of managing director (and even assuming that was possible, he didn"t resign as president!) and he left to handle his business in Păltiniş, or who knows what lawsuit concerning that business, what matters is that he wasn"t taking care of the affairs of the Exchange, and he wasn"t busy preparing any handover/delivery protocol and he is not leading the Exchange either.

The second president is Cristian Sima, who was elected on the General Shareholder Meeting of April 29th, waiting to be validated by the CNVM (there seem to be no reasons for him not to be validated), but until then he can"t take over his functions, because if he is not validated, the doorman may not let him in (but since Sibex doesn"t have a doorman, anyone could prevent him from getting inside the building).

Regardless of how loquacious he may be, Sima hasn"t been making too many statements lately - the man was elected president with 74% (not with just 50.33% like Băsescu), so what would he have to comment on?!

The third president seems to be Dan Simionescu, of SIF Transilvania, who came out of nowhere, following a meeting of the Board of Directors of Sibex, (the old Board), a meeting where the only other person who attended it was Gabriel Filimon, of SIF Muntenia.

Filimon had a proxy from a third member of the Board (Anton Ionescu), but the latter didn"t attend the meeting.

Teodor Ancuţa was away at Păltiniş, Bogdan Ivan didn"t come and to top it off he handed in his own resignation, Anton Ionescu was in Cluj.

And so, Simionescu was elected former president of Sibex by Filimon.

That"s a good percentage: 66% of those who were present (him and Filimon) and 100% of the participants (that is, if we were to include Anton Ionescu).

There were no votes against it, no abstentions and no one left the room, because if they had both left, the room would have remained empty.

To be accurate, the meeting was held in an office, but for what it"s worth, they could have very well held it on the phone.

Simionescu and Filimon found that Ancuţa resigned from his position of managing director and they let him go from his position of chairman as well; must be that they consider that he actually held one position, and since he resigned from half of it, the other half must follow it closely.

Simionescu and Filimon found that the Court of Sibiu, suspended the enactment of decisions of the Ordinary and Extraordinary Shareholder Meetings (by the way, not only did the court invalidate the presidency of Cristian Sima, but it went one step further and invalidated the idea of accepting the merger between Sibex and the BSE, which makes the whole merger notion even more ridiculous, after the BSE, which proposed it in the first place, was too lazy to vote on it in its own General Shareholder Meeting).

Simionescu and Filimon found that Sibex is acutely short on leaders, because they fired Ancuţa who had already been ousted at the General Shareholder Meeting and was thus doubly absent, and Sima had been suspected without even being validated first, so there was nothing to be said about him.

And so Filimon brought out the big guns and made Simionescu president-managing director (or president and managing director, they"re the only ones who know for sure).

I for one am short on imagination.

For instance, I can"t imagine how Sibex can withstand this.