The management of SIF Moldova is considering a share capital increase

A.A. (Translated by Cosmin Ghidoveanu)
Ziarul BURSA #English Section / 12 ianuarie 2012

The management of SIF Moldova is considering a share capital increase

The shareholders of SIF2 Moldova may be summoned to decide on a share capital increase and to revise the articles of incorporation, the company's Board of Directors announced in a press release sent yesterday to the Bucharest Stock Exchange.

The management of the company proposes the elimination of any "potential hurdles posed by the company's bylaws" concerning the quorum required for the General Shareholder Meeting, which would "increase the flexibility of the decision making process reflected directly in the efficiency of operations", the press release states.

The Board of Directors of SIF2 also proposes that directors be allowed to increase the company's share capital or perform buybacks of the company's stock, "in order to improve the ability to react according to the evolution of the national, European and international markets, for the purpose of exploiting the investment opportunities, at the optimum moments and in the optimum conditions when it comes to the expected return/assumed risk".

Currently, the minimum quorum requirements for the Extraordinary Shareholder Meetings of the SIFs, (with the exception of SIF Transilvania) are 75% on the first summoning, and 50% on the second.

The quorum requirements are stipulated in the articles of incorporation. A few years ago, SIF Transilvania succeeded in getting the courts to approve elimination of the quorum requirements from the bylaws, meaning that the general shareholder meeting can meet as long as a minimum quorum of 25% of the shares, according to the law concerning companies.

The shares of SIF Moldova rose 6.36% yesterday, reaching 1.17 lei, as the BET-FI index gained 2.64%.

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