Report about the 20th regular Shareholders' Meeting of Sava d.d.
On 29 April 2014, the 20th regular Shareholders’ Meeting of the joint stock company Sava was held in the Livada Prestige hotel in Moravske Toplice.
At the Shareholders’ Meeting, 62.40% (1,233,267 shares) of total company’s capital with voting rights were present. The proportion of voting rights of the first major shareholders with voting rights that were present at the Shareholders’ Meeting amounted to 48.75% of the capital present (978,530 shares), as follows: Kapitalska družba d.d. with 18.71% (375,542 shares), Slovenska odškodninska družba d.d. with 11.06% (222,029 shares), Finetol d.d.- under receivership, with 7.19% (144,334 shares), Merkur d.d. with 6.72% (134,923 shares), and NDF 1, share sub fund, with 5.07% (101,702 shares).
The shareholders motioned all the resolutions proposed in the Call by the Management Board and Supervisory Board of Sava d.d. with more than a 99% majority. No counter-proposals or announced challenging actions were filed in at the Shareholders’ Meeting.
At the Shareholders’ Meeting, the shareholders unanimously elected the bodies of the Meeting (with 99.99% of cast votes).
Furthermore, the shareholders became acquainted with the audited annual reports of Sava d.d. and the Sava Group for 2013, and a written report by the Supervisory Board for 2013. The shareholders adopted the resolution on granting discharge from liability to the Management Board (with 99.95% of cast votes), and a resolution on granting discharge from liability to the Supervisory Board (with 99.93% of cast votes), thereby approving of the work of both bodies in 2013.
The shareholders took a vote on reduction in the share capital of Sava d.d. The resolution that the share capital is reduced from the present €25,441.851.48 to the amount of €14,060,594.51 was adopted with 99.83% of total cast votes. The purpose of reducing the company’s share capital is to cover the loss from the previous business year. As the attributable amount of each share in the share capital after its reduction amounts to €7.006, the reduction is carried out without aggregating the shares and with the unchanged number of shares, respectively.
The Shareholders’ Meeting approved of the proposal that Deloitte Revizija, d.o.o., Ljubljana was appointed the auditor of the financial statements of Sava d.d. and the Sava Group for 2014. The resolution was adopted with 99.92% of total cast votes.
As part of his presentation on the restructuring strategy implementation and business performance in 2013 (press release of 27 March 2014 on the SEOnet), the President of the Management Board of Sava d.d., Matej Narat, emphasised that indebtedness of Sava – in the entire period of restructuring strategy implementation from 2011 – reduced by more than €100 million, which is a remarkable success. Moreover, the companies of the Sava Group regularly settled interest expenses, which exceeded a significant amount of €50 million.
He also explained that in the current uncertain circumstances the main challenges the Management Board of Sava d.d. was facing were further efficient performance of the restructuring strategy and devising a new business model for the future development of Sava. This involves three major strategic tasks: search for solutions for consolidating the investments in banking sector, implement the synergies in the Tourism division and arrange for a necessary agreement on restructuring the financial liabilities of Sava d.d. at the end of this year. The goal is to strengthen the financial position and provide for an optimum financial structure for all Sava’s stakeholders: Bank Assets Management Company, banks, as well as other financial creditors and shareholders of the company.
Sava d.d.
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