BETTER FINANCE Member, VZMD (The Pan-Slovenian Shareholders' Association), disputes the decision of MERCATOR General meeting allowing for an (unnecessary) recapitalisation by swapping a part of the debt which is due to the bankrupt AGROKOR (transferred to the FORTENOVA GROUP) and is thus paving the way to squeeze out the remaining 1284 minority shareholders.
Last week, VZMD brought a legal action at the District court Ljubljana to dispute the decision of the General meeting on what appears a "dubious recapitalisation". This recapitalisation was adopted during the recent urgent meeting of the company MERCATOR, d.d. The legal action was brought on behalf of VZMD and shares held as part of the VZMD’s “Share SUPPORT”.
After additional verification and initiatives of individual shareholders, the Association is certain that the intention of the adopted decision is possibly trying to ensure that the majority shareholder – the company FORTENOVA GROUP (89.11%) – uses the aforementioned recapitalisation and other financial operations to gain at least 90% share of all shares to which voting rights are attached, thus creating conditions to squeeze out the remaining 1284 minority shareholders who did not accept the recent takeover bid (€36 per share which is also the recapitalisation amount per share).
• Read the full Press Release of VZMD with additional information here