BALDA
Board rejects EGM request from shareholder Elector / Urgency of proposals not demonstrated
The board of German injection moulder Balda (Bad Oeynhausen; www.balda.de) has rejected a request made by major shareholder Elector for an extraordinary general meeting (EGM). Elector, which owns 27% of Balda’s shares, called for the EGM earlier this month with the aim of replacing the three-member supervisory board – see Plasteurope.com of 08.04.2013.
Balda said it denied the request because Elector was unable to demonstrate the urgency of the proposed resolutions – a precondition for justifying the substantial cost of an EGM. A decision can be made on the topics raise by Elector at the next annual general meeting (AGM), which is expected to take place as soon as possible in the autumn, it added.
Balda also requested that Elector disclose its strategic objectives to all of Balda’s shareholders ahead of the AGM, to allow “a transparent basis for decision-making”.
Balda said it denied the request because Elector was unable to demonstrate the urgency of the proposed resolutions – a precondition for justifying the substantial cost of an EGM. A decision can be made on the topics raise by Elector at the next annual general meeting (AGM), which is expected to take place as soon as possible in the autumn, it added.
Balda also requested that Elector disclose its strategic objectives to all of Balda’s shareholders ahead of the AGM, to allow “a transparent basis for decision-making”.
23.04.2013 Plasteurope.com [225118-0]
Published on 23.04.2013
German version of this article...