What does Greenhill – Kiloman respond to Ellactor’s announcement

An answer to the recent announcement of Ellactor that answers questions of the Hellenic Capital Market Commission, are given by Greenhill – Kiloman.

As they state in their announcement:

“It took the Board of Directors four pages to attack us, a major shareholder in the company, participating in a shareholder dispute in which it is not allowed to be involved or involved. although it is clear from the reports that they were provoked by an executive of this administration, let them look for the perpetrator in the building where they are located!

But because they have a selective memory, we remind you of what has been revealed so far:

1. Most members of the current management of Ellactor are a choice of the leadership of GEK TERNA in which Reggeborgh was a major shareholder. Why do they remain now who are -supposedly- competitors?
2. The other major shareholder, Reggeborgh, is informed daily and intervenes by giving directions through the “independent non-executive member” of the Board, K. Toumbouros.
3. By secret written agreement, in September 2020, shareholders L. Bobolas and Reggeborgh agreed to coordinate their vote, with the aim of gaining control of the company and exchanges such as buying each other’s shares and selling them to first profitable subsidiary.

Surprisingly, in the four-page announcement, no reference is made to any of these important issues, they are not substantially refuted, nor have legal proceedings been initiated, if they are considered false. And while the truth of the publications is not disputed, the Administration turns against us, with indecent descriptions of “incoherent tactics”, with strange aphorisms that attribute our reasonable questions to “individual interests and wounded egos”.

All this might have convinced some well-wishers a year ago, but now there are deeds that are the most important revelations about the projects and the days of the team that was in the management of the company. What has the current administration done in the ten months that it has taken over the fate of Ellactor? Has zero participation in project tenders in Romania. Almost zero participation in competitions in Greece and zero success in major projects. He simply signed contracts prepared by the previous administration, which he is trying to demonize.

The company that, according to the revelations, chose those who manage today, the competitive GEK TERNA, in January 2021 had less backlog than AKTOR and now – in a period of ten months – has more than doubled. How do they explain this performance? Are they weak or are they deliberately degrading the company? Can not or do not want to? We know the answer to this market dilemma.

The current management “managed” to secure three downgrades from Fitch, Standard and Poor’s and ISS, and the share price despite the huge capital increase of 120 million euros is rejoicing at lower levels than in previous years.

The companies Greenhill Investments Limited and Kiloman have reservations about the actions they will take after the incredible degradation of every concept of corporate governance, business ethics and efficiency. This combination requires the intervention of the competent supervisory authorities and the judiciary as what is at stake is not only the future of a company “.