Business News

Shareholders Turn Down Lasko Group Restructuring

Lasko, 16 July (STA) - Shareholders of beverage group Pivovarna Lasko turned down on Friday a management proposal to restructure the group into a contracting group, which would have seen Pivovarna Lasko become the dominant company in the group, with Pivovarna Union, Radenska and Fructal given the status of dependent companies.

The decision to turn down the group restructuring was made at an annual general assembly. Prior to the start of the meeting, the NLB bank proposed that the restructuring be taken off the agenda.

NLB representatives explained that while the bank supported such a transformation of the Lasko group, it believes that conditions for it are not fulfiled as yet. The bank said it wanted to first study the final plan of restructuring of operations.

The management turned down the proposal for the item to be withdrawn and debated at the next assembly - in turn the proposal failed to garner the required 75% support to be confirmed.

Pivovarna Lasko chairman Dusan Zorko told the meeting that the transformation into a contracting group was required due to the tapping of synergies among the companies. He said the bank would hurry with the preparation of a new restructuring plan that would be acceptable for the owners.

Meanwhile, the shareholders rejected a discharge for the management led by former chairman Bosko Srot and tasked the incumbent management with preparing a damages suit against Srot within six months.

The shareholders moreover approved a discharge for the management headed by Dusan Zorko, which took charge in July 2009. Moreover, they confirmed the appointment of Peter Groznik as supervisor at behest of the NLB bank.

The shareholders also endorsed a number of modifications of the statute, including a cap on the number of management board members, which will be limited to three.

Moreover, under the changes, the management will have to obtain approval from the supervisors for all sales of financial investments worth more than EUR 3m.

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