Two groups of shareholders: from Lodz and Warsaw,
want jointly to improve the situation at the clothes producer. But they may
quarrel at the very start about the management. On Thursday, the group of
shareholders from Lodz who has a stake of over 10.35 percent and controls
Prochnik, is meeting Konrad Wojterowski, the owner of telecommunications and IT
companies MCSI of Warsaw. Out of a sudden, he appeared at the last GSM and it
turned out that jointly with other MCSI managers, he controls two stakes of
Prochnik shares, 5 percent each. The groups from Warsaw and Lodz will present
their ideas to get the clothes company back into profits.
“We are meeting
because we assume we will cooperate”, Konrad Wojterowski assured.
“We seem to
have nearly identical strategies, jointly a big stake, so it would be good to
join forces”, Przemyslaw Andrzejak representing Lodz shareholders who have all
seats in the supervisory board, said.
Wojterowski wants to have
influence on how the company is managed. To him, the most important issue is to
refresh Prochink image. In his opinion, PLN 5m (EUR 1.36m) is enough to increase
sales two or three times.
“I estimate that with modern management, Prochnik
could have PLN 60-80m of sales at the end of 2008 and PLN 5m of net income”,
Konrad Wojterowski expected.
In the first two quarters of this year, the
company had PLN 12.1m of sales and PLN 674,000 of net loss. Lodz shareholders
agree and have similar estimations. They also want to refresh the brand,
implement female and teenage clothes and close unprofitable shops. Analysts are
skeptical.
“The financial forecasts are very ambitious especially that rival
Bytom and V&W are getting stronger. It will be difficult for Prochnik to
have PLN 5m of net income. The company should focus on substantial increase of
sales”, Rafal Salwa, independent analyst explained.
In his opinion,
investors will approve of the company, even if it generates PLN 1m of net income
provided that the sales are as planned.
It may be difficult for
both groups of shareholders to reach their plans because they differ in the
opinion about the management. Konrad Wojterkowski believes that the management
which has been running the company since the year 2004, should be dismissed.
Lodz shareholders on the other hand want to have the old management.
(PLN 1
= EUR 0.272)
New shareholders face split over management of Prochnik clothes producer
Warsaw (Puls Biznesu) – Shareholders want to triple sales within 12 months. They have a lot in common but they have different opinions about the management.