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The Berbeşti mine transfer from Oltenia Energy Complex (CEO) to CET Govora was agreed in unacceptable conditions for the complex, Fondul Proprietatea (FP) representatives, one of the minority shareholders of the CEO, told energynomics.ro.
The mine transfer, although approved at the beginning of last month, has been blocked in the extraordinary general meeting at the end of January and replaced for discussion in the EGM on 26 February while the manager of CEO, Laurențiu Ciurel, accused the Fund that would have blocked the transaction. FP officials deny, however, Ciurel`s allegations.
“Fondul Proprietatea, in its minority shareholder position, can”t block the transfer of UMC Berbești mine to CET Govora as Mr. Ciurel has stated in the press in the last days. According to the constitutive act the approval of the contract can be made with majority of votes and unanimity is not required to approve it. Fondul Proprietatea voted against the proposed agreement which contained the final terms and conditions negotiated by the management as we considered some of the provisions as unacceptable”, FP officials told energynomics.ro.
“We would also like to mention that Fondul Proprietatea approved in principle this transaction in the EGM held in October 2014 but we think the final negotiation results are against the interest of CE Oltenia and its shareholders. We strongly encourage the management to recommence negotiations with CET Govora in order to obtain better terms which will help CE Oltenia to finally start the highly needed restructuring program.”
Ciurel recently told Bursa that “FP opposed the transfer, and the operation is still blocked. According to the company’s status, such decisions must be made with 100% of the votes. I restored the transfer on the agenda and the EGM on 26 February; the decision may be taken by a majority of shareholders present “.
Ciurel could not be reached for comments.
The Ministry of Energy announced on January 9 the completion of negotiations for the transfer of Alunu mines and the Energy Complex Berbeşti from CE Oltenia to CET Govora. “The parties agreed to a solution advanced by the representatives of the Ministry of Energy, ending discussions and negotiations that were worn for about a year and a half,” ministry officials said then.
