With regard to the shareholders who have been squeezed out of the TEKSTINA, d.d., company, this week the PanSlovenian Investors' & Shareholders' Association (VZMD) has started paying the additional cash compensation, received for shareholders who are included in the shareholders agreement or the "Share SUPPORT" scheme at the VZMD (VIDEO). In fact, after lengthy and complex negotiations a settlement was reached before the Mediation Committee in March, which was upheld in April by the District Court in Nova Gorica. Among others, this settlement binds the main shareholder SVILA IN, d.o.o., to pay the shareholders an additional amount of € 14.20 per share (in addition to the € 3.40 per share, which was the amount paid to them in 2017).
Note that VZMD was already before the squeeze-out general meeting, held on 27 March 2017, clearly warning about the ignominiously low cash compensation, which comprised a compensation of € 3.40 per share or in total a mere € 69,390.60 for all 85 shareholders who have been squeezed out. Since 2014, in fact, the Tekstina company has been performing successfully generating significant profits. In addition, the company does not have financial debts while its short-term investments or bank deposit amount to 2.28 million euros. Considering the above, VZMD's expert associates believe that the company’s financial health is very good. At the end of 2016, the company recorded € 9.48 of equity per share, which is almost three times the initial amount offered for cash compensation. Consequently, the VZMD has immediately after the entry of the decision to squeeze out the minority shareholders at the District Court in Nova Gorica submitted a Proposal for the judicial review of the cash compensation according to the Article 388 of the Companies Act.
Other than that, the VZMD has been conducting similar legal proceedings and collaborating with suitable expert support mainly on behalf of squeezed out or expropriated minority shareholders in the following cases: ACH (Protej), Adria Airways (AA International Aviation Holding, Germany), AMZS (Automobile Association of Slovenia), Dana (Plasta), Dinos (Euro Trend), Herz (Herz Armaturen GmbH, Germany), Jelovica (EBS GROUP), Metalka Commerce (Slaven Vuković, Croatia), Trimo (European Architectural System, Luksemburg), Turboinštitut (Kolektor Group), Varstroj (OTC Daihen, Germany), etc. VZMD has successfully concluded the proceedings in the cases of Aktiva Invest (Aktiva Holdings, Netherlands), Color (Helios), Gorenjski tisk (MSIN), HIT Alpinea (HIT), Tekstina (Svila in), Terme 3000 (Sava), Ilirija (Janez Rozman), Modra Linija Holding (FP), SCT (Delfi), SGP Kograd-Igem (Igem), Swaty (Avtotehna) and Večer (Dober Večer); payments pertaining to rights of minority shareholders to withdraw from the company: AG (ETA Kamnik), Triglav Naložbe (Zavarovalnica Triglav), Turistično podjetje Portorož (Terme Čatež), Yulon (Aquafil, Italija) and Kemofarmacija (Celesio, Nemčija); and Shareholder’s Agreements in case of the following companies: Alpetour Bandag, ETRA 33, Farme Ihan, IBI, LIP Radomlje, Monter Dravograd, Pekarna Grosuplje, SCT Strojegradnja, Varis Lendava, Sivent, VIPA Holding, etc.
For this purpose, the VZMD puts a special emphasis on the importance of a timely response by urging the shareholders to immediately reach out to them and hereby INVITES the shareholders who have already been squeezed out from companies, where the VZMD initiated proceedings, to take part in their chapters, shareholders’ agreements, or the Share SUPPORT scheme.
www.vzmd.si – More on the VZMD – PanSlovenian Shareholders' Association