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Romania's Transelectrica fails to get quorum for shareholders vote on cap hike

Author Mario Tanev
Romania's Transelectrica fails to get quorum for shareholders vote on cap hike field grid

BUCHAREST (Romania), October 14 (SeeNews) - Romanian power grid operator Transelectrica [BSE:TEL] said that its extraordinary shareholders meeting on Monday, which was due to vote on a capital increase, has failed to meet the minimum required quorum of 85% of the subscribed share capital.

A total of 24 shareholders controlling just over 77% of the company’s share capital were represented at the meeting, Transelectrica said in a bourse filing.

This is the fourth time that Transelectrica's shareholders meeting has been unable to vote on a planned capital increase due to insufficient quorum.

The company's management is due to set another date for the meeting, the company noted.

According to the invitation for the meeting, Transelectrica is planning to increase its capital by up to 20.25 million lei ($4.7 million/4.3 million euro) through a new share issue. Shares will be offered for subscription at nominal value - 10 lei apiece.

As at 11:45 CET on Monday, Transelectrica shares traded 1.01% higher at 20.10 lei on the Bucharest Stock Exchange.

(1 euro = 4.7534 lei)

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