The GSM of Alma was supposed to be held today but when it turned out that Vistula&Wolczanka clothes company was holding the meeting today as well, it was shifted to last Saturday. Jerzy Mazgaj, the head of the retailer, needs to be in Warsaw on Monday.
“I want to become member of the supervisory board of V&W”, Jerzy Mazgaj said.
He wants to closely watch the company and in three months propose a strategy.
“It’s hard to find a better expert. There is no one in the supervisory board of the company who would know its core business”, Alma CEO said.
“Unless I manage to win the trust of the majority of shareholders, I will give up. If I get a substantial support, I will try to convince a suitable number of shareholders to vote for me”, Jerzy Mazgaj said.
There are market speculations that Jerzy Mazgaj would lead to the merger of Alma and V&W. During the GSM on Saturday, the most important point was supposed to vote for raising the capital of Paradise Group, a company selling exclusive clothes brands in Poland. There was no voting, however, because the GSM was broken and delayed till July 25th. The reason was that auditing company did not manage to evaluate Paradise Group, a requirement in order to raise the capital. In the transaction, Ipopema 2 investment fund, the owner of Paradise Group, was supposed to exchange 100 percent of its shares for a stake of Alma. Alma shareholders agreed for this and are waiting for the evaluation from the auditor. They also decided to keep PLN 16.5m (EUR 4.5m) of net income generated in 2007.
Jerzy Mazgaj, however, denies the speculations. He says he has nothing in common with Paradise as he is neither in its management nor in the management of Ipopema2. He only owns investment certificates of the fund.
(PLN 1 = EUR 0.297)