Shareholders of the Đuro Đaković group did not discuss or decide on the proposal for a decision to increase the share capital at the main assembly on Thursday, nor on the presented counterproposal, but postponed it to Friday evening, September 22.
“By the decision of the shareholders present at the main assembly, and after the counterproposal was presented to the proposal for a decision to increase the share capital, the discussion and decision-making on this item as well as other agenda items has been postponed until tomorrow, September 22, 2017, at 19:00 hours,” announced the Đuro Đaković group, without explaining what the counterproposal for the capital increase was.
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Otherwise, after only 51.1 million kuna was raised in the capital increase conducted in July and August, the management of the company proposed in mid-August that today’s assembly decide on a new capital increase proposal in which the issuance of slightly more than five million new shares would raise 100.87 million kuna, while the invitation for subscription would be sent only to one individual or legal entity determined to subscribe to all new shares.
In the middle of last week, on September 13, the Đuro Đaković group reported that it had received a binding offer from the Zagreb company Crni čelik d.o.o. for an investment in the capital of that group in the amount of 250 million kuna, which would allow the recently established company, founded by two investors from Kuwait and Canada, to acquire more than 50 percent ownership in Đuro Đaković.
In the announcement, they also conveyed three conditions from Crni čelik for their binding offer – the decision of the main assembly to increase the share capital by 250 million kuna by issuing new shares at a price of 20 kuna, excluding the preemptive rights of existing shareholders, “which will ultimately represent more than 50 percent of total ownership,” then the decision that the newly issued shares be acquired without the obligation to publish a takeover bid, and that four members appointed by Crni čelik enter the seven-member Supervisory Board of Đuro Đaković.
“The management believes that the amount offered by Crni čelik d.o.o. greatly satisfies all the company’s needs for financial consolidation, investment in development, and in partnership with the bidders creates a realistic basis for entering foreign markets and establishing appropriate creditworthiness with financial institutions,” emphasized the Đuro Đaković group on that occasion.
