In a statement released on the Zagreb Stock Exchange yesterday, Dalekovod announced that they have received a lawsuit to challenge the decisions of the General Assembly held on June 30th.
As a reminder, after issuing an invitation for interested parties to participate in the financial restructuring of the company back in February, Dalekovod released the results of the invitation in May. According to the statement released on the ZSE, Dalekovod received only one offer and that in the form of a joint deal by Končar and Construction Line. The offer included a cap hike ranging between HRK 150m and 410m by subscribing shares in three rounds, by cash payments, and/or contributions by entering rights (claims).
As part of the deal, Dalekovod would first reduce their share capital from HRK 247.2m to HRK 2.5m in order to cover losses from previous periods. At this point the company would also perform a reverse stock split by consolidating every 100 shares into 1. Since the issuance of new shares will follow the stock split and since new shares will be issued at the nominal value of HRK 10 per share, the value of the cap hike basically amounts to HRK 0.10 per share. This of course did not resonate well with current investors whose stake in the company would be reduced to a low single digit percentage.
Now, shareholders are trying to revoke the decision made on the GSM held on June 30th which give the go ahead to the abovementioned restructuring process.
