LJUBLJANA (Slovenia), November 21 (SeeNews) – Slovenian conglomerate Sava d.d. said on Monday its three new major owners will be SDH, d.d., KAD, d.d. and York Global Finance Offshore BDH after a Ljubljana court confirmed a compulsory settlement against the company.
With the finality of the court's decision, Sava d.d.'s share capital has been cut to zero, the company shares were annulled and the existing ownership structure was cancelled, Sava d.d. said in a filing with the Ljubljana bourse.
Based on voting by creditors for conversion of claims into shares and the finality of the compulsory settlement as of November 12, the share capital will be increased through in-kind contributions by the present creditors, to be followed by the issue of new ordinary personal no-par value shares.
"After subscription in the Central Securities Clearing Corporation (KDD), the three new major owners of Sava d.d. will be SDH, d.d. and KAD, d.d. (one-half of 45.13% ownership each), and York Global Finance Offshore BDH (41.74 %)", Sava said.
Since the settlement has become final, Sava d.d. operates with positive capital in the amount of 28.5 million euro ($30.3 million), the company added.
In June last year, two applications before the District Court in Ljubljana were lodged for initiating compulsory settlement proceedings against Sava d.d.
One of the applications was filed by Gorenjska banka, Zavarovalnica Triglav, Unicredit banka Slovenija, Pokojninska druzba A, Skupna pokojninska druzba and Skupna d.d, and the other by creditor Slovenia's 'bad bank', the Bank Asset Management Company (BAMC).
The implementation of the financial restructuring plan will provide the conditions for the Group’s profitability and better results of the tourism business, which besides Sava Turizem d.d. includes the management of capital investments in Hoteli Bernardin, d.d. and Istrabenz turizem, d.d, Sava explained.
"In addition to their autonomous development, all three companies can utilise the potential synergetic effects leading towards even greater progress and growth", it said.
In terms of the withdrawal of the Sava share from trading, the company noted that it no longer fulfills the conditions for trading on a regulated market. For this reason, the need for transferring the Sava shares from registry to trading accounts no longer exists, it added.
Based on the decision by Ljubljana Stock Exchange d.d., trading in Sava shares was halted on February 17, 2016 in order to protect investor interests. Upon publishing the financial restructuring proposal in March, Sava d.d. requested that the Ljubljana Stock Exchange release trading as the information providing a satisfactory basis for investor evaluation of company’s situation was publicly accessible.
After the court decision confirming the compulsory settlement was issued, Sava d.d. proposed to extend the halted trading in the company shares from the finality of the decision until the deletion of shares from the central registry with KDD.
Sava Group comprises nine companies - parent company Sava d.d. and eight subsidiaries. Its two core operations are tourism and finance.
($=0.940197 euro)