An Oil Terminal shareholder is requesting an extension of the talks on the capital increase

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Oil Terminal (OIL) received the request of Dumitrescu Valentin Sebastian, a shareholder holding 16.73% of the company’s shares, to complete the agendas of the GSM meetings of 12 (15) .06.2020, according to a report sent to the Bucharest Stock Exchange. The proposals will be analyzed by the Board of Directors of Oil Terminal S.A. within the legal term.

Dumitrescu Valentin Sebastian wishes to complete the call with the finding that the EGSM decision of October 10, 2016 ceased to take effect on 10.10.2017, the finding that Oil Terminal is subject to Law 24 regarding the conditions of presence and quorum, regarding the increase of capital, the extension of the discussions regarding the capital increase with the lands, until obtaining additional information from the Ministry of Economy, according to financialintelligence.ro.

In the GSM of October 2016, OIL shareholders decided to increase the company’s capital to a maximum of 319.23 million lei, with the value of land provided by the state and cash. On 20.10.2017, the minority shareholder Dumitrescu Sebastian Valentin filed an action with the Constanța Court to establish the nullity of the EGSM Decision to increase the capital of Oil Terminal S.A. no. 6/ 10.10.2016. The company announced in the summer of 2018 that the shareholder’s appeal was definitively rejected.

In the request of 18 May, the shareholder claims that the GSM decision has not yet been implemented and that it will no longer take effect.

Regarding the request for information from the Ministry of Economy, the shareholder says that the company obtained two certificates attesting the ownership right in 2011. He notes that shareholders do not know which public institution was involved in the privatization process, an entity whose the newly issued shares are to be distributed to, and neither how the shareholders will be able to exercise their right of preference.

In his opinion, the company’s management must obtain these details from the Ministry of Economy.

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