Ljubljana, 29 June (STA) - AIK Banka, a Serbian bank which owns 33% of Gorenjska Banka, but is set to acquire another 37.6% pending regulatory approval, has proposed that the Slovenian bank pay out significantly lower dividends than proposed by the management.
The management and the supervisory board of Gorenjska Banka proposed that shareholders be paid out EUR 9.14 gross per share, but the AIK Banka has now proposed that the bank pay out EUR 1.85 gross per share.
Under AIK Banka's proposal, published in the business newspaper Finance on Friday, the bank would carry over EUR 6.96m of the EUR 7.62m in distributable profit for last year.
The AGM has been called for 20 July and the meeting will show whether the Serbian bank already has a controlling interest in Gorenjska Banka, considering that Sava as the major shareholder has had its voting rights suspended.
The Serbian bank has already deposited in a fiduciary account at the Central Securities Clearing Corporation (KDD) EUR 43m for the 37.6% stake held by Sava and is now waiting for regulatory approval for the acquisition.
"When the transaction is completed ... which will allow AIK Banka to submit a takeover bid once again, the funds will be transferred to the accounts of secured creditors [of Sava] and the KDD will transfer the shares," noted Slovenian Sovereign Holding boss Lidija Glavina when Sava shareholders okayed the deal.
The existing option contract expires at the end of June 2019, which means that AIK Banka has nearly a year to meet all the conditions of the deal.
Meanwhile, the Serbian bank has also put forward a counter proposal to change Gorenjska Banka's articles of association at the 20 July shareholders' meeting, because it does not agree with the proposal fielded by the management and the supervisory board.
The management proposed to authorise the management to increase the share capital within five years to up to EUR 8.09m with the supervisors' consent.
AIK Banka disagrees with the provision that the management would be able to limit or exclude shareholders' priority rights to new shares.
Shareholders will also appoint new supervisors of Gorenjska Banka in July. AIK Banka put forward Jurij Bajc, Vladimir Sekulić and Tim Umberger as new members of the supervisory board to replace Miran Kalčič and Gregor Rovanšek, whose terms expire at the end of August, and Domen Trobec, who resigned last year.