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Alchemy Partners LLP : Open letter to Orco's shareholders
Alchemy's call to vote against Gamala's resolutions in the best interest of minority shareholders
Dear Shareholder,
First of all, we would like to thank the numerous institutional and individual shareholders who have contacted us (since we published our Open Letter on 6 December 2013), pledging their unanimous support (and proxies) for our stance, and that of Kingstown.
We also understand numerous shareholders have written to the company expressing their opposition to the OG capital increase.
Not one shareholder contacting us showed any support to the path taken by OPG's management or the position laid out by Mr Vitek, another minority shareholder in OPG through two entities (Gamala Ltd and Crestline Ventures Corp)
Brief recap of all important issues around Orco Germany's capital raise
Alchemy would also like to add to the points made in its earlier Open Letter to shareholders on various key points:
We also strongly think that there was also a complete absence of any process run to ensure that capital was being raised in the most efficient manner possible. To claim, for example, that the "market price" of OG is a sufficient evidence of a good price, when less than 2% of the issued share capital of OG is free float, is wholly unconvincing and entirely inadequate. The price at which shares were offered to Mr Vitek's associated company, Tandis, a.s. was at an undervalue.
Alchemy believes this shows a disgraceful lack of concern for the interests of shareholders and therefore:
Serious concerns of corporate governance and attempts to take the company's control by Mr Vitek
Mr Vitek, since becoming a minority shareholder about 12 months ago, has been trying to take control of OPG without paying full value for a controlling stake. These are the reasons leading us to think what we just stated:
Conclusion: we therefore call upon ALL shareholders to register their shares with the company by 2 January 2014 and to vote " NO " to resolutions 1 to 5 (proposed by Gamala) and " YES " to resolutions 7 and 8 (proposed by Alchemy/Kingstown)
Contacts
Should any shareholder wish to discuss this then please contact:
In the UK: Buchanan Communications, +44-20-7466-5000
Richard Oldworth
In France LPM Strategic Communications, +33-1-44-50-40-39
Sophie Ryan, sryan@lpm-corporate.com
Alchemy
Ian Cash , icash@alchemypartners.co.uk
Editor's Note:
Alchemy Special Opportunities ("Alchemy") owns 12.5 million shares or 10.95% of Orco Property Group ("OPG").
Copyright GlobeNewswire
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http://hugin.info/159452/R/1750401/589811.pdf
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