S.N.G.N. Romgaz S.A. Current report - NAFA Inspection Report (3755D)
February 18 2020 - 10:01AM
UK Regulatory
TIDMSNGR
RNS Number : 3755D
S.N.G.N. Romgaz S.A.
18 February 2020
CURRENT REPORT
In compliance with Law no. 24/2017 regarding Issuers of
Financial Instruments and Market Operations and F.S.A. Regulation
no. 5/2018
Report date: February 18, 2020
Company name : Societatea Nationala de Gaze Naturale ROMGAZ
S.A.
Address: Medias, 4 Constantin I. Motas Square, Sibiu County -
Romania, 551130
Phone/fax no: 004-0374-401020 / 004-0269-846901
Fiscal Code: RO14056826
LEI Code: 2549009R7KJ38D9RW354
Trade Register registration number: J32/392/2001
Subscribed and paid in share capital: 385,422,400 RON
Regulated market where the issued securities are traded:
Bucharest Stock Exchange (BVB), London Stock Exchange (LSE)
Significant event to be reported:
-- Economic-Financial Inspection Report of the National Agency
for Fiscal Administration (NAFA)
During the period November 27, 2019 - January 31, 2020, S.N.G.N.
Romgaz S.A. (the "Company") underwent an economic-financial
inspection performed by the inspectors of NAFA - the General
Regional Direction of Public Finances of Brasov - Fiscal Inspection
- Department of Economic-Financial Inspection. As a result of the
inspection, The Economic-Financial Inspection Report (the "Report")
and the Compulsory Order were submitted on February 17, 2020.
The scope of the economic-financial inspection was to examine
compliance of provisions of Article 43 of GEO No. 114/2018 on
implementing measures in the field of public investments and
certain fiscal-budgetary measures, amending and supplementing
specific legal acts and prorogation of terms, for the 2018
financial year ("GEO 114/2018"), which provides that: "Economic
operators whose capital is fully or majority state-owned, and
applying the provisions of GD No. 26/2013 on reinforcement of
financial discipline of economic operators where the state or the
territorial-administrative units are sole or majority shareholders
or own, directly or indirectly, a majority ownership, as
supplemented and approved by Law No. 47/2014, as amended and
supplemented from time to time , shall distribute and pay under
Law, no later than 60 days after approval of the 2018 financial
statements, as dividends or payments to the state budget, in the
case of autonomous regies, 35% of amounts allocated to other
reserves in accordance with the provisions of Article 1, paragraph
(1), item g) of the GO No. 64/2001 on profit distribution as
regards national companies and companies with full or majority
state-owned capital, as well as autonomous regies, approved by Law
No. 769/2001, as amended and supplemented from time to time, found
in the cash availability accounts as cash in hand and bank accounts
as well as the one related to short term investments as of December
31, 2018 and which on the same date are not committed, under
procurement agreements, to be used as own financing sources."
To implement the provision of Article 43 of GEO No. 114/2018, by
the Resolution of the Extraordinary General Meeting of Shareholders
No. 3 of April 25, 2019 it was approved to distribute, as
dividends, 35% of the reserves existent as of December 31, 2018,
set up in accordance with Article 1 paragraph (1) item g) of the GO
No.64/2001, as subsequently amended.
As a result of the performed examinations, the control team
considered that the Company, in pursuing implementation of Article
43 of GEO No. 114/2018, should have also applied to the 2019
reserves a 35% quota by the EGMS Resolution No. 3/2019, although
such were not to be found in the balance as of December 31, 2018.
Therefore, the economic-financial inspection team has issued the
Economic-Financial Inspection Report under which the Company has to
distribute additional dividends amounting to RON 34,852,279,
including the amount of RON 24,284,077 owed to the majority
shareholder. For the balance amounting to RON 24,284,077, owed and
not paid within the legal deadline, there have been calculated
interest amounting to RON 1,053,929 and penalties for delay payment
amounting to RON 526,964. These are calculated up to the date of
payment obligations settlement as established in the Report.
The two documents issued by NAFA, that is the Report and the
Compulsory Order, are within the legal term provided for appeal,
and the Company shall take all steps provided by law to exercise
means of appeal, both administrative and judicial.
Chief Executive Officer,
Constantin Adrian VOLINTIRU
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END
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