I am in a very complicated situation: on one hand I applaud, admire and encourage the initiative of Radu Moraru to finance his TV station through a public subscription; on the other hand, I am convinced that this is an IPO in every possible way and that it needs to comply with the rules of the stock market and I am not impressed at all by the fact that the CNVM is shirking its obligations, by claiming, in the very statements it issued to BURSA, that Radu Moraru doesn't have to get the approval of the CNVM for his project.
The situation is all the more thorny, because Radu Moraru (whom I really can't fault for not knowing such legal details) mentioned that statement made by the CNVM, which we quoted, in a chat he had with HotNews.ro readers on Monday, maintaining that it was an official point of view that a public subscription offer in Naşul TV didn't have to comply with the regulations of the CNVM.
The opinion of the CNVM is undoubtedly wrong.
We hereinafter include the paragraphs of the Law no. 31/1990 and of the law 297/2004, concerning the public subscription / public offering, which, upon reading, anyone can see that having the approval of the CNVM in that situation is mandatory.
The fact that the Law no. 31/1990 does not mention the obligations mentioned in the law no. 297/2004, does not mean that one can choose which ones of those two laws to comply with. In the case of a public offering, the provisions of the two laws apply simultaneously.
It is certain.
It is definite.
It is beyond any doubts.
I think that Radu Moraru needs to be supported and be described as a good example of business acumen - initiatives like this are the hope for the consolidation of the economy and the development of the capital market - way to go, Radu!
On the other hand, the initiative needs to comply with the law, it's elementary.
