Business
Intereuropa to withdraw from the Ljubljana Stock Exchange
May 20 (VoirNews) – The Slovenian logistics group Intereuropa's [LJE:IEKG] Shareholders approved a proposal to delist its shares from the Ljubljana Stock Exchange due to low interest in trading the shares and the need to reduce costs associated with trading, the company said.
At their general meeting on May 16, shareholders approved the delisting from the regulated market of all 16,830,838 ordinary shares without par value issued by the Intereuropa Group, the company said in a document filed with the Stock Exchange on Friday. from Ljubljana.
According to Intereuropa's board of directors, trading interest in the company's shares is very low due to the company's highly concentrated ownership structure, with state postal operator Posta Slovenije owning more than 94% of the shares. actions.
“Savings will also be achieved through a reduction in the cost of fees paid to the Ljubljana Stock Exchange and [the Central Securities Clearing Corporation] KDD, and due to the cessation of the conversion of annual reports to the Single European Electronic Format (ESEF), as well as savings due to a reduction in the workload of employees. The total cost savings amount to just over 83,000 euros per year,” according to the press release.
Intereuropa shares will be delisted from the day the shareholders' decision is entered in the company register. All shareholders who voted against the decision will have their shares repurchased for appropriate compensation in the amount of 1.57 euros ($1.71) each, the company said.
“The amount of appropriate remuneration was set on the basis of the weighted average price of IEKG shares on the regulated market during the last three months preceding the proposal to convene the General Meeting of Shareholders of Intereuropa,” according to the filing .
Intereuropa shares are listed on the Prime Market segment of the Ljubljana Stock Exchange with a capitalization of 25.3 million euros. Intereuropa shares last traded on Thursday, closing at 1.50 euros.
Representatives of minority shareholders – the Association of Small Shareholders of Slovenia (MDS) and the All-Slovenian Association of Small Shareholders (VZMD), as well as other small shareholders present at the general meeting voted against the delisting of actions. MDS, VZMD and other small shareholders announced that they would file a legal challenge against the delisting decision, while shareholder Intercapital Securities also announced that it would file a lawsuit to overturn the meeting resolutions general.
($ = 0.91982 euros)
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