By Eleni Bota
New questions in the serial acquisition of Intrakat by shipowners Bako – Kaimenakis and Gotsi – Angelou are raised by the imminent formation of the company’s new Board of Directors, as the new shareholders who control 29.3% are said to be left without representation. This development gives new food to the speculations about coordinated action of the four shipowners, which if confirmed, makes the submission of a public proposal a one-way street, as market circles argue that it should be done from the beginning.
As Capital.gr revealed yesterdaythe signings for the acquisition of 31.7% and 29.3% of Intrakat, by the two shipping twins respectively, took place last Tuesday, at the same time, in the same hotel and at the same price, despite claims to the contrary them that they do not act in concert.
Today, one more development comes to be added to the puzzle of the acquisition of Intrakat’s shares by the four shipowners and it concerns the proposal for the election of the new board of directors that was announced last Monday. The election of the new board of directors is the subject that will be put to a vote at the extraordinary general meeting of Intrakat shareholders on Friday 15 July.
And the question raised by stock market circles is: since the shipowners Gotsis and Angelos control 29.3% of the listed company’s share capital, why do they not propose any member to the board of directors and all the members are proposed by Winex of Baku – Kaymenaki although do they maintain roughly the same percentage?
As recently announced, Alexandros Exarchou, a close associate of the two shipowners, will assume the duties of Vice President and CEO of the construction Group, while Niki Tzavella takes over as President. Also, Haris Pamboukis, Konstantinos Hatzipanagiotis, Antigoni Yokari, Nikolaos Vougioukas, Efstathios Tsotsoros and Athanasios Schizas are proposed as members of the board of directors.
The question remains as to the stance that the former Vice President of Intrakat Dimitris Koutras will take at the next general meeting.
Some argue that Mr Koutras, who holds 8.13% of Intrakat’s share capital, is likely not to attend, while according to other reports, the possibility of even asking for a postponement of the general meeting remains open.
At the same time, brokerage executives continue to question whether the Capital Market Commission has initiated procedures, similar to those initiated in the case of ELLAKTOR after the complaints of the shipowners Baku – Kaimenakis, investigating the possible existence of coordination between the Dutch Reggeborgh and the investment fund Atlas.
According to what they complained at the time, strongly protesting, Reggeborgh with a 30% stake in ELLAKTOR and the Atlas fund with a 10% stake were acting in concert, which according to the shipowners’ side meant that a public proposal had to be submitted to ELLAKTOR.
It is noted that yesterday Intrakat’s share increased by 2.30% with the price being 2.2250 euros. The distance that separates the current share price from the acquisition price of the main shareholders is 24.5%.
Source: Capital
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