Court defers litigation of Romania's SIF Transilvania with shareholder Cocor for February 27

The trial was postponed for February 27 after Cocor proposed to clinch a deal to put an end to the disputed issue. Some 546 million newly issued shares are blocked from trading starting with July 21 this year.

Shareholders of SIF Transilvania gave up in April the gross dividend of 0.0630 lei per share in order to receive a free share from the 54.6 million lei capital increase which was done by incorporating reserves up to 109.21 million lei.

Cocor asked the court in Brasov to suspend the fund’s share capital increase, saying that the fund’s board decision on April 27 to double the share capital was made without the required quorum. Cocor's request was rejected in court on July 2.

Shareholders registered on May 18 received freely the 546 new shares of SIF Transilvania. However, the National Securities Commission (CNVM) banned the shares from trading on July 21. The shares will remain banned until the court makes a final decision in this respect.

SIF Transilvania is one of the country’s five investment funds known as SIFs, listed at the first tier of the Bucharest Stock Exchange and among the most liquid stocks on the market.

Source: NewsIn