Institute Assembly in 30 days?

Leading shareholders of the Simo Milošević Institute, the state and “Villa Oliva” Žarko Rakčević have reached an agreement on amending the Restructuring Plan of this company and its recapitalization. The new Shareholders' Assembly, at which the Plan and the decision would be adopted, should be held in the next 30 days, and by then the University of Montenegro team will amend its Restructuring Plan in accordance with the agreement of the leading shareholders, "Vijesti" has learned.

At yesterday's continuation of the Shareholders' Assembly, which began on January 9, only the conclusions were adopted to amend the proposed Restructuring Plan in accordance with the agreement of the leading shareholders and to schedule a second continuation of the Shareholders' Assembly afterwards.

Representative of “Vila Oliva” and member of the Board of Directors of the Institute Petar Rakcevic He said that the Government accepted their objections to the Plan - that there will be no sale of the first phase of the Institute, that the state will convert the right to use the Institute's land into ownership, and that only facilities for health or commercial tourism can be built on free land.

Small shareholders also raised the issue of the amount of investment in the reconstruction of the Institute's facilities, so that the amount of investment will be recalculated minus the expected money from the sale of the first phase and other facilities, and that the University team will make a new estimate of the necessary reconstruction of the Institute's facilities.

The previous plan to buy out the shares of small shareholders will also be changed, as will the proposed decision on the recapitalization of the Institute. Rakčević said that they are interested in investing in the Institute and covering the Institute's losses in proportion to the state. He also said that they are ready to participate in the recapitalization with seven million euros, which would increase their participation by 1,5 percent, and that they will also participate in investing in the Institute.

The company "Vila Oliva" purchased 5,7 thousand shares of the Institute on the stock exchange yesterday at a price of 58 euros, which is about 1,5 percent of the total share capital. These are shares that belonged to partner companies with which "Vila Oliva" has had cooperation on joint performance and a promise to purchase shares since 2018.

The assembly lasts two months, who has the right to vote?

The representative of the second group of small shareholders, who attended the Assembly, Vlado Zečević, told "Vijesti" that due to the Government's lack of seriousness, two months were lost in reaching a legal agreement on the Restructuring Plan and Recapitalization. This group of small shareholders has so far offered over six thousand shares of the Institute on the stock exchange at a price of 100 euros per share.

He said that this group of shareholders will probably not participate in the recapitalization at the nominal price of 155 euros, and that they find it illogical and controversial that shares are being purchased at 155 euros through the recapitalization and their shares at 100 euros are being skipped.

"The Assembly was first postponed for 12 days, and now perhaps for another 30 days, which we believe is illegal for the Assembly to last that long. Who will have the right to vote on the issue, those who owned shares on January 9th or those who own shares on the day of the vote on the plan and recapitalization," Zečević believes.