* Market specialists say that doing such a thing would be impossible
* SIF1 had previously been sued for not lowering its quorum requirements for the General Shareholder Meeting
The Board of Directors of SIF Banat-Crişana has decided to reduce the share capital, based on an article of the company's articles of incorporation, according to a report sent to the Bucharest Stock Exchange.
SIF1 stipulates that it will make public all the details of the operation following the approval of the operation by the Financial Oversight Authority (ASF).
The Board of Directors of SIF Banat Crişana made that decision based on article 6, paragraph 8 of the Articles of Incorporation (see insert).
The website of SIF Banat Crişana states that the Articles of Incorporation were rewritten on July 2nd 2013.
As SIF1 only announced its decision on the BSE yesterday at 17:00 hours, the market specialists did not have time to study the issue, so they only expressed their opinion based on their own impressions.
The most frequent opinion was that the delegation of the decision of the Board of Directors to cut the share capital of the law would go against the law. The best experts consider that the decision to reduce the share capital may only be made through an Extraordinary General Shareholder Meeting. Thus the plan would first of all be faced with the difficulty of meeting the quorum of the AGEA (a quorum of 75% on the first summons, and 50% on the second) and only secondly, the possibility of the ASF not approving such a decision, according to some market voices.
Some market experts are wondering when were the articles of incorporation of SIF Banat Crişana changed, to allow the delegation of cutting the share capital to the Board of Directors, when no Extraordinary General Shareholder Meeting was held.
Besides, for the same purpose of faci
