Shareholders argue over V&W and Kruk share swop
Pension fund PZU Złota Jesień, which has a stake of almost 20 percent in clothing giant Vistula & Wólczanka (V&W), is to demand an amendment to the already agreed on parity of exchange of shares between jewellery giant W.Kruk and V&W which are undergoing a merger process.
Representatives of the fund want an exchange rate of 2.2 shares in V&W per share in W.Kruk, as compared to the current 2.4:1. This ratio was agreed on a few months ago by all members of the supervisory board at V&W, and in order to change it now, the company will need two third of votes during the approaching shareholders meeting.
"We should no longer be discussing this issue. It was settled by independent experts. I am content with it. I hope other shareholders are as well," said Wojciech Kruk.
Source: Puls Biznesu (A.K.)
Representatives of the fund want an exchange rate of 2.2 shares in V&W per share in W.Kruk, as compared to the current 2.4:1. This ratio was agreed on a few months ago by all members of the supervisory board at V&W, and in order to change it now, the company will need two third of votes during the approaching shareholders meeting.
"We should no longer be discussing this issue. It was settled by independent experts. I am content with it. I hope other shareholders are as well," said Wojciech Kruk.
Source: Puls Biznesu (A.K.)
