SIF Banat-Crisana Puts Off Shareholder Meeting For One Day

04.27.2011 By Andrei Circhelan

Investment fund SIF Banat-Crisana (SIF1.RO) on Wednesday postponed its shareholder meeting for one day, for lack of quorum.

Investment fund SIF Banat-Crisana (SIF1.RO) on Wednesday postponed its shareholder meeting for one day, for lack of quorum.

The meeting required the attendance of shareholders cumulating 50% plus one of the voting rights, but only 20.66% of voting rights were present, the fund said.

Shareholders need to decide the dividend, which the managing board sees at 0.06 lei (EUR1=RON4.0767) per share, while the meeting agenda includes a proposition for a RON0.103 dividend per share.

Other items on the meeting agenda include the approval of financial results for last year and of 2011 budget.

SIF Banat-Crisana has recently 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.

The fund 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.

The shareholders involved in the measure asked securities regulator CNVM to intervene and reverse this decision.