Rekeep - comment
A group of shareholders, 11.3%, have filed with the Court in Bologna seeking an appointment of an independent judicial director and removal of the current board of directors. In addition, the shareholder group are seeking to suspend the AGM due to take place in early March. The hearing to discuss the application (for judicial director) is set for March 20th. The request to suspend the AGM has been rejected. The Directors of Manutencoop have responded stating they are in full compliance with the law and acting in the best interest of all their stakeholders. The Company has stated that this particular subset of shareholders have long conflicted with various Group Companies.
We are awaiting a reply from the Company concerning this issue, but this is an unwanted headline as the Company will soon be thinking about refinancing of its 2026 bonds.