Toplivo Shareholders Show the Management a Yellow Card

Toplivo Shareholders Show the Management a Yellow Card

The general meeting of shareholders in Toplivo Jsc voted against a proposal to allocate half of the company's 2007 income as a dividend, our reporter told us.

The majority shareholder also voted “against” and the company's profit was left undistributed.

Shareholders also discussed deals in relation to art.114 concerning associated companies. The management expects those deals to bring profit to the company in the amount of 4.17 mln leva (2.1 mln euros) in the next 1-3 years. 1.5 million leva of the sum will come from sales of fixed assets.

The GM also did not approve the majority shareholder's proposal to appoint another general meeting and to elect a new auditor. We remind that the company's current auditor is PricewaterhouseCoopers.

The management confirmed previously announced financial prognosis, stating that this year's revenues are estimated to reach 310 mln leva (158 mln euros) and profit is seen at 9.45 mln leva (4.8 mln euros), compared with 277 mln leva (141 mln euros) in revenue and 8.311 mln leva (4.2 mln euros) in profit last year.

There have been no transactions on the position on BSE so far today, bids/asks are at 19.75/19/85 leva apiece.


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