Super-shares at Romanian developer One United subject to Court ruling
The decisions approved by the shareholders of Romanian developer and property investor One United (ONE) on September 10 were referred by the Trade Registry to the Court, Bursa daily reported, interpreting a statement to investors issued by the company.
Among the decisions, there is the option to give part of the shares held by the founding members the status of super-shares - meaning five voting rights. The decision, endorsed after the IPO that diluted founders' share below 50%, gave them again majority control over the company in terms of voting rights.
The shareholders approved on September 10 the introduction of a new class of shares, B, to confer founding shareholders Victor Căpitanu and Andrei Diaconescu a voting power five times greater than regular shares.
According to the EGMS convening notice, 11.37% of the company's share capital owned by Victor Căpitanu will be converted into Class B shares. The same percentage of the capital is valid for Andrei Diaconescu. Consequently, the two will hold 59% of the total voting rights.
(Photo source: Bvb.ro)