Without intending to make an exhaustive presentation of all relevant legislative provisions, mention ought to be made of the shareholders’ right of withdrawal.

Thus, as regards the right of withdrawal from the company being exercised by the shareholders of a company whose shares are traded on the RASDAQ Market, under the conditions stipulated in the RASDAQ Law, the company has the obligation to inform the Romanian Financial Supervisory Authority and the Bucharest Stock Exchange (B.V.B.), by delivery of regular reports, within 24 hours, calculated from certain pinpoints stipulated in the Regulation.

In view of determining the price to be paid by the company whose shares are traded on the RASDAQ Market for the shares held by the shareholders having exercised their right to withdraw from the company in the instances provided by the RASDAQ Law, the board of directors/directorship of such companies shall have the obligation to request the trade registry office to appoint an independent authorized expert within no more than 5 business days after the company has received the first request for withdrawal from the company.

The shareholders having submitted requests for withdrawal from the company before the company drafted the current report relating to the determination, by the independent authorized expert appointed by the trade registry office, of the share price shall have the right to withdraw their requests within 10 business days after the date of that report. The shares traded on the RASDAQ Market shall be withdrawn from trading and deregistered from the records of the Romanian Financial Supervisory Authority after the company delivered, to all the shareholders which have withdrawn from the company, the current report relating to the expiry of the payment period for the equivalent value of the shares held, and from the completion of the withdrawal procedure of shareholders from the company and the confirmation received from the central depository regarding the transfer of the ownership right.

The new legislative document was published in Official Gazette of Romania no. 870 dated 28 November 2014 and became effective as of its publication