Carping about Wilbo
This awkward situation, the first such case of shareholder activism in this country, was precipitated by a number of the financial institutions that hold Wilbo stock.
"We believe that this company could have much more value," explains Ryszard Rusak, fund manager at Union Investment, the leading financial shareholder in Wilbo. "The management is ineffective and the capital structure is inefficient," he continues.
Many Wilbo shareholders that side with Union Investment are agrieved by the management's inability to produce a concise plan for the future takeover of Szkuner and Dalmor, smaller rivals.
However, the negative investor sentiment is likely to have little effect on the company's management, as the majority of criticism is coming from a minority of shareholders that collectively own just 20 percent of the firm. Furthermore, Wilbo's founders and executives Waldemar Wilbrandt and Dariusz Bobiński will stay put due to privileged stocks.
In addition, the unexpectedly high profits Wilbo has reported this year may well take the wind out of the detractors' sails.
Rusak, however, is keen to stress that, regardless of these profits, Wilbo is not reaching the "huge potential" that would, in theory, produce even greater profits. Despite this criticism, though, disgruntled shareholders have not yet abandoned the company. And it may be this "huge potential" that is keeping them from doing so.
"We believe that this company could have much more value," explains Ryszard Rusak, fund manager at Union Investment, the leading financial shareholder in Wilbo. "The management is ineffective and the capital structure is inefficient," he continues.
Many Wilbo shareholders that side with Union Investment are agrieved by the management's inability to produce a concise plan for the future takeover of Szkuner and Dalmor, smaller rivals.
However, the negative investor sentiment is likely to have little effect on the company's management, as the majority of criticism is coming from a minority of shareholders that collectively own just 20 percent of the firm. Furthermore, Wilbo's founders and executives Waldemar Wilbrandt and Dariusz Bobiński will stay put due to privileged stocks.
In addition, the unexpectedly high profits Wilbo has reported this year may well take the wind out of the detractors' sails.
Rusak, however, is keen to stress that, regardless of these profits, Wilbo is not reaching the "huge potential" that would, in theory, produce even greater profits. Despite this criticism, though, disgruntled shareholders have not yet abandoned the company. And it may be this "huge potential" that is keeping them from doing so.
