Another general meeting BPI without practical results, which is to say, a few more weeks in which the bank will continue with limited management. Shareholders should vote this Friday two proposals for deshielded the statutes of the bank, which depend on important decisions for the future of the institution, but the meeting was suspended for 45 days, ie until 6 September.
on the table were two proposals, but only one of them, submitted by the board of directors (CA) of the bank, aimed at the release of statutes. The recent decree of the Government, created in order to “unlock” the war between shareholders of the bank, the so-called “BPI diploma” should ensure the adoption of the proposal, but failed, at least for now, that purpose.
The other proposal submitted by the shareholder Violas Ferreira Financial, the Violas family, you want (as opposed to laying down the law), that deshielded be voted with the current limitation of voting rights (20%) and it is approved by two thirds of shareholders. The practical result of the vote in these conditions is to maintain the existing situation. And there is an arm of the railroad between shareholders: it was once among the Spaniards of Caixabank (46% of capital) and the Angolan Isabel Santos (18%) now joins the Violas family (2.6 %).
Looking ahead, as it came to confirm the Carlos Osorio’s decision to Castro, elected Friday president of the General Meeting (following the resignation of former president and other staff) to put to the vote first the CA’s proposal, the Violas Ferreira Financial forward a protective order.
the Violas family disputes the price of the tender offer (OPA) launched by Caixabank, an operation that only advance if the shield statutes is raised
the injunction, presented and decided the day before the general meeting is clinging to a procedural issue:. that the CA meeting minutes which approved the proposal of deshielded statutes, has not yet been approved, which should happen next Tuesday.
the pretext of the injunction is exhausted from days, but different interpretations generated by the way the BPI diploma and as the voting order of the proposals – the Violas shareholder was first presented. – can continue in September
Artur Santos Silva, president of BPI, could not hide some irritation with the support of the injunction, since ever any “draft” of the meeting minutes were challenged, and because the meeting decisions were communicated to the market through the Securities and Exchange Commission. He also recalled that, as always, the minutes shall be formally approved at the next meeting, scheduled for Tuesday.
Administrators are bound to confidentiality, “but there was one who passed out information that was privileged” and that served to block the vote on the proposal of the board, said the “chairman” of the bank, at a press conference after the AG. Not mentioned any name, but the Violas family has a representative on the board.
Among the surprise and frustration, Artur Santos Silva said it regretted the suspension of the meeting. “I’m sorry” and “the reason, for me, it is difficult to understand,” he said, admitting that “what happened is not good, but it will solve.”
Having regard to the percentage of votes who approved the suspension of work, about 85%, the president of BPI believes that “it is clear that the shareholders wanted to vote on the proposal of the board.”
With the maintenance of the shield statutes, two strategic decisions remain blocked:. the completion of the takeover bid launched by Caixabank and exposure to Angola, whose deadlines initially set by the European Central Bank (ECB) have been exceeded the president of the bank clarified, however, that the new deadline granted by the ECB Caixabank is 45 days from the completion of the Tender Offer. in the Angolan front, Caixabank and Isabel dos Santos, who has managed to block a number of decisions of previous meetings, have different projects.
Given the importance of BPI assembly decisions, the Securities and Exchange Commission suspended trading of the BPI shares before the session starts. The securities resumed trading in the early afternoon, ending with a modest gain of 0.63% and reduced liquidity.
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