At their general meeting held on May 16 the shareholders approved the delisting from the regulated market of all 16,830,838 ordinary no-par-value shares issued by Intereuropa Group, the company said in a filing with the Ljubljana Stock Exchange on Friday.
According to Intereuropa's management board, interest in trading of the company’s shares is very low due to the company's highly concentrated ownership structure, as state-owned postal operator Posta Slovenije owns more than 94% of the shares.
"There will also be savings on account of a reduction in the costs of fees paid to the Ljubljana Stock Exchange and [the Central Securities Clearing Corporation] KDD, and due to the cessation of the conversion of annual reports into the European Single Electronic Format (ESEF), as well as savings due to a reduction in the workload of employees. Total costs saving amount to a little more than EUR 83,000 annually," as per the statement.
Intereuropa's shares shall be delisted from the day the shareholders' decision is entered into the companies register. All shareholders who voted against the decision shall have their shares purchased for appropriate compensation in the amount of 1.57 euro ($1.71) apiece, the company said.
"The amount of appropriate compensation was set based on the weighted average price of IEKG shares on the regulated market during the last three months prior to the proposal for convening the General Meeting of Shareholders of Intereuropa," as per the filing.
Intereuropa's shares are listed on the Prime Market segment of the Ljubljana Stock Exchange with a capitalisation of 25.3 million euro. Intereuropa's shares last traded on Thursday when they closed at 1.50 euro.
The representatives of minority shareholders - Association of Small Shareholders of Slovenia (MDS) and Pan-Slovenian Small Shareholders’ Association (VZMD), and other small shareholders present at the general meeting voted against the delisting of the shares. MDS, VZMD and other small shareholders said they will file a judicial review of the decision for the delisting while shareholder Intercapital Securities also announced that it will file a lawsuit to annul the resolutions of the general meeting.
