Two and a half years after the proxy war was held to take control of Ellaktor, winning over the Bombolas and Koutras families, Anastasios Kallitsantsis is preparing for a new battle, this time as a defender, with the Dutch group Reggeborgh Invest.
The Dutch investment company, which has acquired a stake of some 30% in GEK TERNA, broke its long silence yesterday. As talk of an agreement between the Kallitsantsi family and a group of businessmen – under shipowner Giannis Kaimenakis – grew, the investment company made its next move.
The Dutch side now states that it will do "whatever it takes" in order to take control of Ellaktor and proceeded to convene an extraordinary general meeting within 45 days, regarding the change of board of directors and a management audit for the last two financial years. These are the two years managed by the Kallitsantsis family.
In particular, the five items on the meeting agenda are:
• 1st Issue: Withdrawal of all members of the Board of Directors of the Company.
• 2nd Issue: Election of a new Board of Directors of the Company (including independent / non-executive members).
• 3rd Issue: Withdrawal of all the members of the Audit Committee of the Company (no. 44 law 4449/2017).
• 4th Issue: Election of a new Audit Committee of the Company (no. 44 law 4449/2017).
• 5th Issue Management audit of the Company (last two years).
According to sources, Reggeborgh has expanded its controlling stake directly and indirectly in Ellaktor. It is said to have formed, together with other shareholders, a core that holds a total of around 35% of the company. Messrs. Anastasios and Dimitris Kallitsantsis, whose relations have not been harmonious lately, hold close to 25.6%. According to the latest announcements, the Dutch group has close to 6% of ELLAKTOR. At the same time, it has an option for the 12% that Leonidas Bombolas has today. For months now, it has been rumored that through other companies, the Dutch have at least another 10%. This percentage seems to have expanded in recent days through alliances.
The difference compared to the battle that culminated in July 2018 is that the Dutch group has different weapons at its disposal. It is already a partner of powerful investors and banks in several European markets, has holdings in a number of sectors from construction to energy and significant liquidity. As it is known, it is already the largest shareholder of the GEK TERNA group, with a percentage of over 30%.
Talk about doing "whatever It takes" to control the company have left the Kallitsantsis side unmoved. Yesterday afternoon, Ellaktor sources reported that an official request of the Dutch to convene an extraordinary general assembly had not been sent. They added that the request for administrative control has been submitted to the Court of First Instance, which will make the decision on whether to approve it or not. The management side of Ellaktor adds that "there are no reasons to approve such an audit". As they say, a few weeks ago, in mid-September, all the shareholders approved the actions of the management for the last year in the framework of the regular general assembly.
Share capital hike
In regards to the important issue that Ellaktor is currently facing, namely the need to increase its share capital, Reggeborgh sources directly link its own involvement with the change of management.
As mentioned, the Dutch company has already invested significant funds in Ellaktor and believes that the change of management is necessary in order to signal the restart of the company needed to inspire confidence in the market. To this end, Reggeborgh will contribute to the recovery of Ellaktor financing and will support a share capital increase that will provide the liquidity the company needs.
Reggeborgh's side appears confident that it will have the support of the majority of Ellaktor shareholders. According to sources at the Dutch company, the request for the election of a new Board of Directors has investors and shareholders on side guaranteeing the switchover at the general meeting.