Wilbo - an underachiever with potential?

Władysławowo based fish company Wilbo might have higher than envisaged profits this year, but the enterprise is being wrongly managed, believe financial investors. Shareholders are divided along clear lines. On one side are the company's founders which hold power over the enterprise thanks to preferred stock, and on the other side there are financial institutions which have 20% of the shares, and who have hardly any influence on the company. "Wilbo's management is ineffective. The firm has too much equity and is hardly using any leverage," said Ryszard Rusak from Union Investment, which with a a 5% stake in Wilbo is its largest investor. Other shareholders claim that owners have not yet leant how to cooperate with them and that the managers have no plan of developing the firm after taking over Szkuner and Dalmor. Despite that, "Wilbo has a huge potential, and its shares could be worth much more," said Rusak. (Puls Biznesu, pp. 1, 9) M.M.