Investment funds and banks prepare Bourse revolution
Support coming from foreign investment funds, among the biggest shareholders in the Bucharest Stock Exchange (BSE), is likely to make some shareholders' old wishes come true: the distribution of BSE liquidities to shareholders and the selection of administrators on the basis of a cumulative vote.
At the end of last year, BSE held 63.3m lei in cash, so that the sum resulting from the share capital reduction would account for more than half of the bourse operator's liquidities.
According to some market sources, investment funds managed by Franklin Templeton and those of Austria's Erste Sparinvest, BSE's biggest institutional investors are among the ones behind the proposal.
The funds are also likely to propose to the BSE management that a proposal regarding the selection of managers on the basis of a cumulative vote be included on the GM agenda.