Possible consequences of FIC3�s common capital rise abort

Draft on doubling common capital at FIC3 – Transilvania was approved in the shareholders meeting on April last year and stirred up discontents from shareholders. After one year of talks, Supreme Court overruled the appeal of Cocor Bucharest to abort the capital raise, and the free shares of FIC3 entered the stock exchange “battlefield”.

Although the request of appeal submitted by Cocor was overruled irrevocably, the capital raise is still subject of appeal in administrative litigation and is ruling under administrative procedures against one of the majority shareholders of the group, Daniel Stoica.

FIC Transilvania remitted earlier this week a press release to Bucharest Stock Exchange claiming that there are two contradictory adjudgements made by Court of Appeal Brasov regarding the legal action filed by Cocor on aborting AGEA dated on April 2007 and the one filed by Daniel Stoica.

Chairman of FIC3, Mihai Fercala (photo) says in a new communiqué, that if the High Court of Cassation keeps the legal decision following Daniel Stoica’s complaint, the company would have two contradictory decisions without any possibility of revocation: a decision to overrule Cocor’s request to abort the capital raise and an adjudgement of annulment of the same decision, by a new verdict. “In this hypothesis, we estimate we will have the possibility of submitting a request to revise the latter decision,” said Fercala.

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