Slovenian Weekly Report 26.6.2017-30.6.2017
​This time the state (SSH) won on the Luka Koper shareholder assembly:
- Firstly it has replaced most (4) supervisory board members. New members are Milan Jelenc, Barbara Nose, Andraž Lipolt and UroÅ¡ IliÄ.
- Secondly, management and some supervisory board members were not granted a discharge of liability. PWC was appointed to carry out a special audit for certain agreements / operations.
- Most would believe these two above mentioned items will sooner than later end with a replacement of current management board. Please note that in the past these changes usually did not affect day to day operations.
On a separate note, a counter dividend proposal submitted by MDS was accepted, namely EUR 1.40 instead of EUR 0.96 per share. This gives a hefty 4.6% gross dividend yield.
Possibly this contributed to a positive pick up in Luka Koper shares. In addition, the change happened more smoothly than we feared, so a key headwind lightened. On the other hand this story is not finished yet. We will keep you posted …
While this kind of a stand-off between supervisory board and owners could not persists indefinitely and was expected to end as it did - that the majority owner will dictate the tone - we see a recent undercurrent of news (NLB IPO stopped, Telekom Slovenije possible bid for Gorenjska banka, unconfirmed rumor involving Mercator – Petrol, Luka Koper change, Krka exchange of views with SSH …) as worrying. Definitely corporate governance / political interference needs monitoring.
ALTA Invest, investicijske storitve, d.d., (ALTA Invest, investment services, Inc.) is a part of ALTA Group, the biggest financial non-banking group in Slovenia. ALTA Invest has around 28% market share on the domestic Ljubljana Stock Exchange and has more than EUR 95m of assets under management.
Our trading advantage is our execution of large trading blocks with low impact on the market. We offer trading on several platforms on numerous markets, with a wide variety of financial instruments. Our advantage is also a research department, which is both sell side and buy side and has the far most extensive and regular coverage of domestic companies. We cover 9 companies on Ljubljana Stock Exchange, which is around 90% of Mcap on LJSE – and here we are practically the only local broker providing this kind of extensive and regular coverage for Slovenian companies.
A part of ALTA Group are ALTA Skladi, a mutual fund asset management company with roughly EUR 260m of asset under management. ALTA Group is also extensively involved in corporate finance projects and raised considerable assets (fixed income and equity) in the last two years for several companies.
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