TODAY AND TOMORROW The final battle at SIF4 Muntenia

• The management company has announced that four groups of shareholders are acting in concert

• The shareholders which control 16.88% of the SIF, presumed to be siding with Gheorghe Iaciu, had their voting rights capped at 5%

• Laviniu Beze: "This accusation of acting in concert is aberrant and illegal"

The General Shareholder Meeting of SIF4 Muntenia, meant to decide the winner in the fight between the group of shareholders siding with Gheorghe Iaciu, the owner of the Doraly commercial complex, who asked for higher dividends, and the current management, is scheduled to take place today and tomorrow, at the Bucharest Chamber of Commerce.

The tempers are flaring after a series of preliminary attacks.

Yesterday, BURSA reported that there were rumors that SIF Muntenia was planning to announce the capping of voting rights of a group of shareholders presumed to be acting in concert.

At the end of the trading session, the information was confirmed.

SIF4 Muntenia published a report including four groups of shareholders presumed to be acting in concert, but it restricted the voting rights of 37 shareholders, allegedly declared to be siding with Iaciu, including the ING, East Capital, Swiss Capital funds and Adrian Andrici. The whole group, with a cumulated stake of 16.88% of the SIF, would only be allowed the use of 5% of the votes, according to the report of SIF4.

"This accusation of acting in concert is aberrant and I hope that the CNVM will intervene in due time, to make sure that the General Shareholder Meeting takes place according to the law", said Laviniu Beze, the president of the Association of Capital Market Investors, who was himself included on the list of people acting in concert with Iaciu. Laviniu Beze is also running for the Board of Representatives of the Shareholders.

He said: "This illegal accusation of acting in concert would destroy the stock market for the next five-six years".

SIF4 has presented three more groups acting in concert, that of businessman Cătălin Chelu, that of Broadhurst Investments and of SAI Muntenia, whose stakes however did not exceed 5%, the holding limit imposed by the law, meaning that there was no need to cap the voting rights.

Starting this year, the CNVM is the only authority entitled to decide whether SIF shareholders are acting in concert and consequently to cap their voting rights. Since 2007, the Boards of Directors of the SIFs were the only ones entitled to make those decisionss.

The report of SIF4 contains a CNVM registry number, of July 5th 2012.

Gheorghe Iaciu, who owns 5% of SIF4 included on the Agenda of the General Shareholder Meeting the dismissal of the Board of Representatives of Shareholders and the election of a new one, for which there are 30 new candidates.

The Association of Capital Market Investors has warned against the voting by mail, but the leaders of SIF4 responded that everything was legal. On Tuesday, the Court of Bucharest has rejected the request of a shareholder to suspend the notice to attend for today's general shareholder meeting.

Even though the required quorum of 50% will most likely not be met today, today will not be exactly a quiet day for SIF Muntenia, as some of the shareholders plan to address harsh questions for the management.