Ellaktor shareholders prepare for new battle

In ten days, on March 10, the deadline for exercising the option (call option) by the Dutch Reggeborgh for the acquisition of 12.54% of Ellaktor, which is currently controlled by Leonidas Bombolas, expires.

Within the next ten days, we will know the tactics the Dutch will adopt against the counterattack being attempted by Messrs. Giannis Kaimenakis and Dimitris Bakos, who through Greenhill Investments Limited own 16.95% of Ellaktor, while they also have additional voting rights of 8.63% for the shares that have remained with the Kallitsantsis brothers.

The two shipowners are requesting a new extraordinary general meeting to change the board of directors and call a ten-year management audit.

Reggeborgh Invest currently owns 14.1761% of Ellaktor as well as voting rights for Bombola's shares. Many are betting that the Dutch group will not exercise the call option until March 10 and there will be an extension to the agreement.

Apparently, the Dutch first wanted to proceed with management control and a reorganization plan and then to buy the shares of Leonidas BombolaS. The latter is now very actively involved in the management of the group, as he participates in the board of directors of Aktor, while he returned to the position of CEO of Elector, the subsidiary in environmental projects. Neither side would like the transfer to take place at this time, while the rescue plan is pending.

Does the request of the two shipowners really accelerate the developments regarding Bobolas' shares as well? We will know within days. What is certain is that the case of the share capital increase is accelerating, which according to sources, was also discussed at the last board of directors meeting. The amount of this increase is not known but it is rumored that it will be close to 100 million euros.

Of course, when rumors circulate in the market according to which "the black hole found by the new management of Ellaktor is bigger than expected" then minority shareholders worry. It is recalled that the previous administration had claimed that the "hole" in Aktor was close to 100 million and would close with a series of initiatives it had announced. Now sources talk about a larger financial gap, without this being confirmed.

Reggeborgh wants to discuss at the upcoming shareholders meeting the share capital increase as a lever of pressure towards the Kaimenakis-Bakos side, which will be called to put its hand deep in the pocket, for the second time in 2021. Firstly, to buy the shares of the Kallitsantsis brothers and now to cover its stake in the share capital increase. "Now it will be seen who really believes in the future of the group", say those who believe that the two shipowners are looking to pull out without losing their money.

Those who are on the side of Kaimenakis and Bakos - including some well-known political figures - argue, of course, that the two shipowners have a serious interest in Ellaktor.

We will know in ten - fifteen days, since the new general assembly will be scheduled for the first week of April at the latest.