Popovici Nitu Stoica & Asociatii has successfully represented the interests of Fondul Proprietatea in court by securing a suspension of a RON 4 billion uneven share capital increase of the Bucharest Airports National Company.
According to PNSA, the court proceedings regarded the “seeking of a halt of an in-kind share capital increase process in Compania Nationala Aeroporturi Bucuresti (CNAB). The purported measure entails the incorporation of the Baneasa Airport's land value into the capital of CNAB and a nominal increase from RON 144 million to roughly RON 4.9 billion, with tremendous dilution effects over the minority shareholders. The now-suspended shareholders' resolution violates Fondul Proprietatea’s 20% shareholding anti-dilution safeguard, secured by means of special laws.”
According to the firm, Fondul Proprietatea shareholders have “very well received the Bucharest Court of Appeal’s decision since the share capital increase would have diluted the stake of Fondul Proprietatea in CNAB from 20% to 0.7% alongside a minimum RON 570 million loss.”
PNSA’s team included Partner Ciprian Dontu, Managing Associate Dan Petrache, Senior Associate Catinca Mihalcea, and Associate Alexandra Sginca.
