A group of small shareholders of the Simo Milošević Institute from Igalo, gathered around the Montenegrin Association of Small Shareholders (CAMA), will start from today in an organized way to put shares of this company on the stock market for sale at a price of 100 euros per share, "Vijesti" has learned.
The state owns 56,4 percent of the shares of the Institute, the businessman's "Villa Oliva". Žarko Rakčević 27,4 percent, and other small shareholders, who are now gathering around CAMA, have a total of 16 percent of shares. The state lacks 10,2 percent of shares for two-thirds ownership and thus independent decision-making in connection with important decisions, such as the restructuring plan, recapitalization, sale of assets,...
At the Shareholders' Assembly that began on January 9, there was no two-thirds majority for the existing Restructuring Plan, so the Government accepted the requests for its change requested by "Vila Oliva" and which will be changed in the plan until the session resumes on January 21. Rakčević requested that the first phase of the Institute not be sold and that the land complex near Tito's villa not be turned into a construction site for the construction of apartments and business premises, which the Government accepted.
The dispute broke out over the decision on recapitalization of 23,5 million euros, because the Government changed the decision before the session in order to reach a two-thirds majority and squeeze out all small shareholders from deciding the fate of the company. Rakčević then said that the state proved to be a bad owner and that he was against receiving two-thirds of the shares, and suggested that he himself cover the Institute's debts of 23 million.
Cam said that the state could acquire two-thirds ownership by purchasing the shares that their members will offer on the stock exchange.
"With a satisfactory response, the state could significantly increase its participation through such a purchase, and possibly reach the necessary 10%, and after that, it, as well as another shareholder with a significant participation, could retain their ownership percentages through recapitalization. The price at which the state will acquire shares through the planned recapitalization is over 50% higher than our offered price, at which the total value of the Institute is only 38 million euros, which is far less than the fair value of the Institute. We remind you, and what can be verified, during the previous 20 years, minority shareholders acquired shares in the range of 150-300 euros, which is equivalent to the current 500 euros. Of course, everyone bears individual responsibility for losses on the stock market, but it is objective to say that the shareholders made investment decisions, it will turn out later, based on inaccurate and misleading statements of state representatives at the time, and even regulatory authorities. We hope that bankruptcy will not occur, which would be the responsibility of the state and large shareholders, but in that scenario, the expected value per share from the bankruptcy estate would be around 250 euros," CAMA told "Vijesta"
The nominal value of the Institute's shares, by which the recapitalization would be carried out, is 154,93 euros, while the current price on the stock exchange is 35,5 euros and is growing day by day. The share of the institute is in the segment where it can grow by a maximum of ten percent per day, if the Stock Exchange does not change its decision.
The existing Restructuring Plan foresees that 106 million euros will be invested in the Institute in four years, of which 64 million through recapitalization, 28,2 million from the sale of part of the Institute's buildings, and 14,5 million from the loan that the company would take.
The aim of the plan is to enable the Government to legally assist this state-owned company in accordance with strict EU standards on state aid and is a prerequisite for the start of recapitalization. The authors of the plan believe that without its adoption, the Institute will go bankrupt, because it has accumulated losses of 30 million euros, and that it will cease to perform activities that are also of public importance.
After the end of the restructuring in 2029, according to the projections of the Autopra Plan, the profit of the Institute would amount to 4,9 million and would continue to grow, so in ten years in 2034 it would be 6,6 million euros.
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