* Sibex could receive about 3.64 million Euros for the disbandment of the Central Depository
* The shareholders will decide the participation of the Sibex Group with a maximum of 6.25 million Euros on the creation of a local Central Counterparty
Sibex may drop the spot market, which is only hosting two issuers anyway (Sibex itself and Prodplast Imobiliare), if the shareholders approve the proposals for the General Shareholder Meeting scheduled for June 28th/29th.
The council of the Sibiu Exchange has summoned the shareholders, with summer in full swing, to approve some of the steps towards the creation of the Central Counterparty (CCP), an institution required by the EU for the settlement of derivatives, which requires a minimum capital of 7.5 million Euros.
Now, Sibex is coming with the proposal to disband the depository activities, reduce the share capital of Sibex, by 22.72 million lei (5.2 million Euros) and to distribute the money to shareholders. The previous attempt to start off the Central Counterparty project, which involved the shareholders of Sibex injecting more money failed, because the General Extraordinary Shareholder Meeting did not meet the necessary quorum.
The Sibiu Exchange only holds approximately 70% of the Sibex Depository, in other words it would only get 3.64 million Euros from the reduction of the share capital.
The amount could be used as a contribution to the creation of the local counterparty.
The shareholders will have to decide whether they approve the making by the Sibex Group of a contribution in cash of a maximum of 6.25 million Euros for the creation of the Central Counterparty, together with the Bucharest Stock Exchange group.
The two local exchanges, BSE and Sibex have begun the talks concerning the creation of a central counterparty, in the beginning of the year, but so far they hav
