TRUCE OR BACK TO FIGHTING AGAIN?  Gheorghe Iaciu asking for the revocation of the representatives of SIF Muntenia

Businessman Gheorghe Iaciu has asked SAI Muntenia, the manager of SIF Muntenia, to add to the agenda of the General Shareholder Meeting of April 25-26th, the proposal to dismiss the current Council of the Representatives of Shareholders and the election of a new one.

For over a year, the election of the Council of the Representatives of Shareholders has represented the stake of the lawsuits of the two factions warring within SIF 4 - Gheorghe Iaciu, on one hand, and Gabriel Filimon, the executive manager of SAI Muntenia Invest, on the other hand.

Gheorghe Iaciu, the biggest shareholder of SIF Muntenia, who holds 5%, said that he is looking to end the current state of things, "which basically leaves the Manager (SAI Muntenia) unsupervised".

For about a year now, a group of SIF4 shareholders, led by Iaciu, have been fighting SAI Muntenia, trying to remove the manager, and both sides won some legal battles in court, but neither won the war.

In a marathon meeting, last summer, the "Iaciu" group has imposed its own Council of the Representatives of Shareholders, but the court of Bucharest has suspended the decisions in question.

One way of "reconciliation" seems to be the sale of SAI Muntenia to SIF1 Banat Crişana, a deal which is currently being looked at by the Competition Council and the Romanian National Securities Commission.

One year after the outbreak of the conflict, Gheorghe Iaciu considers that the efforts of the shareholders have led to a reform of the management of SIF4.

He said: "One year after the General Shareholder Meeting whose main goal was the management of the results for 2011, I find that the efforts of the shareholders have led to a quick reform of the way the management of SIF4 is approached and to the reaching of the key-objectives of the shareholders, namely: net assets with a large potential for growth resulting from the change of the accounting policies, big profitability, dividends according to expectations, NAVPS almost twice as high, competent management".

Gheorghe Iaciu considers that the Report for 2012 is good, and the outlook is even better: "A new Council of the Representatives of Shareholders will probably be elected which will reflect the current shareholder structure, the lawsuits between the shareholders and SIF4 will end, and the activity of the Manager will be made more transparent.

I hope that the strategy of the Administrator will take under consideration solutions for the unlisted companies, for the companies with minority stakes and to make, in the companies where SIF4 is a majority shareholder, profits in line with the expectations of shareholders".

Gheorghe Iaciu also said that he hopes investors will reach their goals in the coming years.

Gheorghe Iaciu, as well as the Council of Representatives of Shareholders elected last summer have asked SAI Muntenia to summon the General Shareholder Meeting, in order to dismiss the manager and select a new management company for SIF Muntenia.

SAI Muntenia refused, claiming that the requests to summon the General Shareholder Meeting do not include proposals for the future administrator.

According to the request sent on Monday to SAI Muntenia, Iaciu is proposing a Council of the Representatives of Shareholders which comprises the same names as back then, namely Adrian Andrici, Olimpiu Blăjuţ, Răzvan Lefter, Marcel Gheorghe, Daniel Pandele, Gabriel Vasile, Florin Cazan, Ştefan Gioga, Cristian Alexandru Ştefănescu, Catălin Mancaş and Dan Sârboiu.