* Before being disseminated in the market, the information concerning the proposal to pay out additional dividends has lain in wait on the BSE for almost an entire day, according to the procedures applicable to the Rasdaq
* On the day in question, the shares gained 11.68%
The information that "Ductil" Buzău (symbol: DUCL) summons its shareholders to decide on the distribution of additional dividends was received at the Bucharest Stock Exchange on Monday morning, but only reached investors at 16:46, after the closing of the trading session.
Meanwhile, the share of DUCL has gained 11.68%, and the average daily turnover was 18,794,4 lei, on Monday, 17.5 times greater than the daily average (1075.53 lei/day) this year, up until February 11th.
Of course, it can't be said that somebody would have used the inside information on Monday, before the convocation of the General Shareholder Meeting was disseminated, but it is not out of the question either.
On Tuesday, February 12th, shares of DUCL were suspended from trading, and on Wednesday, the price rose steeply, 63.54%, with a volume of 563,922.5 lei.
The Code of the Exchange says that the BSE can suspend trading in financial instruments on the regulated market of the BSE, "in order to maintain an orderly market and to ensure equal access to the information needed to invest (investor protection)".
On the Rasdaq however, where "Ductil" Buzău is listed, the Code of the Exchange does not apply.
Anca Dumitru, general deputy director of the BSE, said: "For the Ras-daq, the regulations issued by the CNVM apply, and the BSE does not have its own regulations for this segment". If the BSE has proposals applicable for the Rasdaq, these are remitted to the CNVM, if they are accepted, are subsequently reflected in the amendments of the regulations issued by the CNVM, according to Mrs. Du
