The Association of Capital Market Investors (AIPC) has notified illegalities on the delisting of Instirig Balş (symbol: INGT), on the Rasdaq market.

In an address sent to the Romanian National Securities Commission, the AIPC states: "Through the General Shareholder Meeting of December 20, 2012, the shareholders have decided to take the company private, and according to the Disposition 8/2006 of the CNVM/ASF, they were required to begin the payments to the investors who did not agree to that decision, within 15 days from having received the exit requests submitted within 45 days from the registration date of March 21st, 2013. The Board of Directors of the company decided, in a clearly illegal manner and in disregard of shareholders' rights, to spread out the payment deadline over an unacceptably long period, of five years, without assuming any payment schedule, without any compensation for the losses caused by the opportunity costs and by inflation".

The AIPC considers that such a decision is not only illegal, but also "lacking any decency, and unprecedented for the stock market which is still under the supervision CNVM the Financial Supervision Authority".

The management of the AIPC explains: "From a legal point of view, investors abandon their shareholder rights the moment they sign the exit request, and that is precisely why the legislation stipulates the payment of the equivalent value of their stock must be done in a speedy manner. The amounts which need to be paid to investors are small, incomparable to the size of the company's revenues, and at any rate, easy to estimate the moment the majority shareholder votes in the General Shareholder Meeting for the delisting of the company. We consider it a market abuse the fact that after three months, after the issuer and majority shareholder found out which shareholders wanted to exit, they have chos