Elektrim shareholder says Templeton has acted illegally
Interelektra Holding of Luxembourg, one of the largest shareholders in
electrical and telecommunications conglomerate Elektrim S.A., has filed a
complaint with the Securities and Stock Exchange Commission (KPWiG)
regarding the conduct of another Elektrim shareholder, Templeton.
Interelektra says Templeton has acted illegally by trying to force Elektrim'
s supervisory board to resign. It also says Templeton exercised up to 10% of
voting rights at the recent Elektrim shareholders' meeting when it only has
5%, and may have failed to disclose its true ownership in Elektrim, as
required by law. Meanwhile, Elektrim president Barbara Lundberg has said the
company would not be issuing any more new shares and will finance most of
its pressing investments, estimated at $835 million over the next two years,
from its own sources. In related news, investment company Wood and Company
has as sold-off its entire 4.9% stake in Elektrim in an out-of-bourse
transaction at zl. 49.20 per share. (Rzeczpospolita, July 15-16, page B4,
Reuters) S.M.
