Pivovarna Laško Shareholders Reject Capital Hike Again

30. 08. 2012

Pivovarna Laško Shareholders Reject Capital Hike Again

Shareholders of the Laško-based brewer Pivovarna Laško rejected on Wednesday a EUR 36.5m capital injection in what is a second rejection of a recapitalisation this year. Out of the 85.47% of capital present at the meeting, 74.6% voted against.

The shareholders of the beverage company rejected in January two proposals for recapitalisation, a management's proposal to raise the share capital by up to EUR 36.5m to up to EUR 73m and a proposal for an increase of up to 50% of the company's capital or EUR 18.2m.


The management of the highly indebted company see a capital hike as an important condition for a stable development of the company in the future.



The shareholders however endorsed today the management's and the supervisory board's proposal to cover last year's net loss of EUR 15.5m from other reserves from the profit of little more than EUR 390,000 and capital reserves of some EUR 15m.


The meeting was also formally notified of the cancellation on the contract that would transform Laško into a contracting concern with brewer Pivovarna Union and mineral water company Radenska as controlled companies.


The contract was closed by the three companies last December but had to be scrapped in the face of opposition by the state-owned NLB bank, Laško's biggest creditor and shareholder.


The management and supervisory board were granted discharge of liability for the past year.


Source: The Slovenian Times


Pivovarna Laško Shareholders Reject Capital Hike Again