American Broadhurst Investment fund, managed by Siminel Andrei,and several investment funds controlled by ING, are accusing themanagement of Prodplast Bucureşti, a company controlled by FlorinPogonaru - the president of the Romanian Businesspeople Association(AOAR) of not allowing them to withdraw from the company, andsaying their expectations failed to be met after ProdplastImobiliare was listed on the Sibex's ATS platform instead of aregulated market, which is what shareholders had decided at thestart of the break-up process.
"Contrary to the break-up plan, the fact that Prodplast Imobiliaredid not get listed for a long time, and then was only listed on anon-regulated market made it impossible for shareholders to selltheir shares at a transparent, fair price on the market," reads arelease sent by the Romanian Shareholders' Association.
Plastic manufacturer Prodplast Bucureşti (PPL) broke up in 2008when its most valuable assets were transferred to the newlyestablished real estate company Prodplast Imobiliare (PPLI).Broadhurst, which owns 12.7% in Prodplast, challenged the break-upin court but lost the case against the management of the companyrun by Pogonaru after about two years.
Florin Pogonaru says the right of shareholders to withdraw from thecompany was enforceable only if Prodplast Imobiliare had not beenlisted. "For two years Prodplast Imobiliare could not be listedbecause of the suit filed by Broadhurst that sought to cancel thebreak-up process. Siminel Andrei had in the meantime forgottenabout the repurchasing problem that he now brings up again. This isa tactical move, meant to put pressure on us. We still want to listProdplast Imobiliare, perhaps even on the London Stock Exchange, ifthings go well," Pogonaru said.
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