SIF Banat-Crisana Caps Vote Rights Of Banca Transilvania, Other Hldrs

04.27.2011 By Florentina Dragu

Romanian regional investment fund SIF Banat-Crisana (SIF1.RO) has capped to 1% the vote rights of 22 shareholders grouped around lender Banca Transilvania’s (TLV.RO).

Romanian regional investment fund SIF Banat-Crisana (SIF1.RO) has capped to 1% the vote rights of 22 shareholders grouped around lender Banca Transilvania's (TLV.RO).

The "Banca Transilvania group" includes the bank itself, Banca Transilvania's board chairman Horia Ciorcila, five other individuals and 16 companies and investment funds, SIF Banat-Crisana said.

The group owns a total stake of 14.8% in SIF Banat-Crisana.

SIF Banat-Crisana also limited to 1% the vote rights of six other shareholders who own together a 1.15% stake in the fund.

Additionally, it suspended the vote rights of 16 investment and pension funds, saying the stockholders have "common policies" regarding SIF Banat-Crisana and can be suspected of concerted actions.

Under Romanian capital market regulations, one or more investors who act jointly cannot own more than 1% of a SIF's shares. Investors whose holding exceed 1% are required to sell the surplus shares in maximum three months.