Today, a press conference is taking place concerning the cooperation between Opoczno and Cersanit, two ceramic tiles producers from the group of Michal Solowow, the richest Pole and famous stock investor. It is not sure, however, whether the cooperation will be launched at all. Opoczno financial investors started a rebel. They are worried that there are no official news concerning the evaluation of assets Opoczno is supposed to sell to Cersanit. Opoczno has stakes in Opoczno I and Dvarcion Keramika. Next week, the extraordinary GSM of Opoczno is supposed to approve of the transaction. The stakes may be evaluated at PLN 271.5m (EUR 72.5m), according to Michal Solowow who said so in an interview for “PB”. The investor controlling 48.85 percent of Cersanit and 48.82 percent of Opoczno assured that Opoczno as a ceramic tile distributor could be profitable. He added that the funds raised in the transaction would come back to shareholders – a dividend would be paid out or shares cancelled.
However, financial investors who own 21.5 percent of the company’s capital, are not convinced. They demand an EGSM to be summoned on November 15th.
“Jointly with the other shareholders, we decided for the EGSM of Opoczno. One of the points of discussion will be voting for a new independent member of the supervisory board because today, the board consists in majority of Cersanit representatives. Meanwhile, Cersanit wants to acquire plants owned by Opoczno today”, Jacek Koprowski from PZU Asset Management said.
Investors want also the stakes in Opoczno I and Dvacion Keramika to be evaluated again. They also want the management to explain how the company is going to operate without plans.
“It’s vital that when key transactions take place, the company’s owners receive data in advance and have the possibility to say what they think about it. You cannot forget that the company belongs to shareholders and they have the right to decide about its future”, one of the investment fund managers said.
Meanwhile, the stock exchange authorities, accuse Opoczno for misleading investors in its statements. The company may be fined with up to PLN 1m and/or its shares may be suspended from trading.
(PLN 1 = EUR 0.267)