Bucharest, 30 January 2020 – During the General Shareholders Meeting of Bittnet Group (BNET), which took place on January 29th, 2020, the shareholders of the Company have appointed the Board of Directors, which will consist of three members. The Members selected by the shareholders are:
- Mihai Logofatu, co-founder of Bittnet;
- Cristian Logofatu, co-founder of Bittnet;
- Lucian Anghel, who will serve as the independent Board Member.
The President of the Board will be established by the vote of the Members of the newly formed Board of Directors as soon as all the formal procedures of establishing the Board will be met with the National Trade Register Office.
The establishment of the Board of Directors of Bittnet has been one of the steps necessary prior to the transfer of Bittnet Group from the AeRO market to the Main Market. To comply with applicable regulations and corporate governance rules, companies listed on the Main Market need to have Boards with at least one independent Board Member. The position of the independent board member will be taken by Lucian Anghel, who comes with vast experience in the local and international capital markets, having served for two terms, between 2012 and 2020, as the President of the Board of the Bucharest Stock Exchange.
As a next step in the process of the transfer to the Main Market, Bittnet will submit a prospectus for admission of its shares to the Main Market with the Romanian Financial Supervisory. The Company estimates that the latest by the end of the first half of 2020, Bittnet’s shares will be tradable on the Main Market.
Between 2015, the year that Bittnet shares first floated on AeRO and today, Bittnet shares have registered an estimated 65% Compound Annual Growth Rate (CAGR) for revenues, an estimated 65% CAGR of market capitalization and approximate 70% CAGR of shareholder equity. In 2019, Bittnet shares were the 17th most traded shares on the Bucharest Stock Exchange. The management expects that following the transfer to Main Market, BNET shares will be included in the BET-XT index of the Bucharest Stock Exchange, which follows the evolution of 25 most liquid companies quoted on the Main Market.