The labor union of the Cernavodă nuclear power plant has filed a statement of opposition at the Trade Registry, against the registration of the decision of the shareholders of Nuclearelectrica to increase the share capital of the company for the purpose of the IPO, several sources from within the company told us. The case will be tried by the Court of Bucharest and could delay the IPO of Nuclearelectrica SA, which the government plans to launch this month.
According to our sources, the union has filed the lawsuit claiming that the representative of the Proprietatea Fund (FP) in the General Shareholder Meeting of Nuclearelectrica did not have the mandate to vote for the share capital increase. In the union's vision, Franklin Templeton is not the de jure manager of the Proprietatea Fund, and the representative of the Proprietatea Fund at the General Shareholder Meeting of Nuclearelectrica should have been given a mandate by the General Shareholder Meeting of the Fund.
The Court of Appeal of Bucharest has issued contradictory rulings in the conflict between Franklin Templeton and lawyer Ioana Sfîrăială, who challenged the decision of the General Shareholder Meeting by which Franklin Templeton was appointed as the manager of the Proprietatea Fund, thus increasing the confusion over the management of the Proprietatea Fund. Most lileky, the Union relies on the ruling which was favorable to Ioana Sfîrăială.
Our sources say that the objective of the actions of the union are to obtain from the authorities the right to buy, on behalf of the employees of Nuclearelectrica, a small percentage (0.5% - or a maximum of 1%) of the shares of the company, but as part of the tranche allocated to institutional investors.
The Union of the Cernavodă Nuclearelectric plant is said to have agreed with the company to be granted a small percentage of the company's stock,
