Sukob interesa i netransparentnost: Pismo dioničarima, upravi i nadzornom odboru

Poštovani dioničari, članovi uprave i nadzornog odbora:

Udruga malih dioničara „Pevec“ d.d. izrazito je zabrinuta razvojem događaja u Pevecu u posljednje vrijeme, koje smatramo iznimno štetnim kako za društvo, tako i za dioničare.

Naime, od odlaska g. Bolanče iz Nadzornog odbora Peveca i dolaska g. Lovrinčevića u upravu, što se dogodilo istovremeno kada je Dicentra (Pevecov dobavljač u vlasništvu g. Lovrinčevića, i čiji je predsjednik uprave tada bio) kupila dionice od fondova koje je g. Bolanča zastupao, uočili smo zabrinjavajuće stvari koji su nas ponukali da postavimo sljedeća, smatramo sasvim legitimna, pitanja upravi, članovima NO-a i dioničarima, a kako smo tada prestali dobivati odgovore iz uprave, postavljamo ih javno:

• Koji su razlozi smjene g. Šketa s mjesta predsjednika uprave? S obzirom da je proveo najveći, ali i jedan od najuspješnijih stečaja u povijesti Hrvatske, te digao Pevec na zavidnu razinu po segmentima prihoda, dobiti, odnosa prema zaposlenicima i korporativne kulture općenito, smatramo da bi morali postojati grube povrede u radu i/ili valjani razlozi za njegovu smjenu, u toj mjeri da bi se i Nadzorni odbor trebao očitovati investicijskoj, ali i općoj javnosti o tome.
• Zašto prospekt uvrštenja dionica na uređeno tržište nije podnesen HANFA-i?
• Hoće li dionice Peveca, u skladu s najavama uprave, biti uvrštene na uređeno tržište do kraja godine?
• Budući da gospodin Lovrinčević želi vidjeti Pevec kao transparentnu kompaniju:
  • Zašto je prehodno objavljena prezentacija rezultata za prvo polugodište maknuta s web stranica Društva dan nakon odlaska g. Šketa iz uprave i imenovanja g. Lovrinčevića za predsjednika uprave?
    • Kako se može dogoditi da je dokument s cjenovno osjetljivim informacijama koje je Pevec pustio u javnost trenutno dostupan jedino na web stranicama Udruge malih dioničara „Pevec“ d.d., i eventualno od drugih osoba koji su ga spremili dok je bio dostupan svima?
  • Zašto nije prijavio OTC transakcije kojima je Dicentra kupila dionice od dioničara koje je u nadzornom odboru zastupao g. Bolanča dok je bio predsjednik njezine uprave?
  • Zašto ne prijavi kontinuirano stjecanje dionica od strane Dicentre s obzirom da je usko povezan s njom po čl. 464. st. 2. tč. 4. Zakona o tržištu kapitala?
  • Zašto je Krešimir Bubalo, profesionalni političar, zaposlen za direktora strateškog razvoja Peveca bez javnog natječaja?
  • Zašto je sa stranica Dicentre maknuo javno obraćanje dioničarima Peveca?
• Zašto je nadzorni odbor za člana, a zatim i za predsjednika uprave izabrala g. Lovrinčevića, koji ima sukob interesa s obzirom da ima kontrolu u Dicentri, Pevecovog dobavljača?
  • Te u Filiru, vlasnik i distributer tvrtke Bobi snacksa, koji su se počeli u rujnu prodavati u prodajnim centrima Peveca, čije je puno ime PEVEC maloprodaja neprehrambene robe dioničko društvo?
• S obzirom da je kao predsjednik uprave Dicentre u javnom obraćanju dioničarima Peveca garantirao izbor neovisne i profesionalne uprave koja će štiti interese Peveca, je li prevario dioničare?

Moj aktivizam u Pevecu počeo je brigom da će Samoborka zavladati u nadzornom odboru i u upravi društva, te spriječiti mogućnost uvrštenja dionica na uređeno tržište. Ovo se vidi i iz zapisnika s Glavne skupštine, iako sam zapravo postavio pitanje ‘je li nadzorni odbor raspravljao o uvrštenju dionica na uređeno tržište prije nego je došao zahtjev iz CERP-a’. Neki drugi dioničari su se također aktivirali, bojeći se još i da će zloporabiti takav položaj i, između ostalog, ‘kupiti Pevec za male novce’.

Pokrenula se akcija protiv ‘velike’ Samoborke, te zadržavanja Peveca u rukama malih i srednjih dioničara, da bi na kraju sada drugi najveći pojedinačni dioničar, Dicentra, imala ne samo tri ili četiri predstavnika u nadzornom odboru, nego i svog vlasnika i dotadašnjeg predsjednika uprave za predsjednika uprave Peveca, a prospekt uvrštenja još nije podnesen HANFA-i.

Nakon objave prezentacije najboljih rezultata u povijesti Pevec d.d. 29. kolovoza, cijena dionice postiže rekordnu cijenu od 216,99 kuna, što s obzirom na godišnju dobit od 1.7.2015.-30.6.2016. od 34,66 kuna po dionici nije niti puno (omjer cijene i zarade (P/E) od 6,3). Dana 6. rujna objavljeno je imenovanje Jurice Lovrinčevića za člana uprave Pevec, a od tada je do danas cijena dionice pala s 209,79 kuna na 160-170 kuna, pad od 19-24%, odnosno gubitak 50-65 milijuna kuna tržišne kapitalizacije, što prije svega mislimo da je izraz nesigurnosti ulagača u buduće poslovanje tvrtke izborom u upravu osobu sa navedenim sukobima interesa prvo za člana, a zatim i za predsjednika, te nedostataku transparentnosti i uvrštenja u Službeno tržište.

Ako je general OS u miru Mladen Mikolčević predstavnik branitelja u nadzornom odboru, premda je na glavnoj skupštini imao punomoći i zastupao osmero branitelja spram 23 koliko sam ih ja imao i zastupao, mogao bi pojasniti zašto im dionice vrijede 24% manje od objave odluke o imenovanju g. Lovrinčevića u upravu tjedan dana nakon objave najboljih rezultata u povijesti Peveca kao dioničkog društva, odnosno gubitak vrijednosti paketa od 169 dionica za preko 8 tis. kuna.

Zanima nas mišljenje svih dioničara, naročito onih koji su se iz spomenutih razloga postavili protiv Samoborke, što misle o trenutnoj situaciji u Pevecu i dijele li našu zabrinutost.

S poštovanjem,

Hrvoje Marković
predsjednik
Udruga malih dioničara „Pevec“ d.d.

P.S.
Zahvaljujemo g. Dejanu Rnjaku, predsjedniku Udruge malih dioničara „Valamar Riviera“ d.d. na spomenu u najnovijim vijestima. Valamar Riviera i Pevec imaju dosta zajedničkih dioničara, a budući da ne smijemo razmjenjivati podatke o članovima, obavještavamo naše članove o postojanju te udruge, čiji sam i sam član. Možete ih kontaktirati na udrugavah@gmail.com i Dejana na 092-2274-234, a više informacije dobiti na njihovim web stranicama.

Ispravak (9.11.): Jurica Lovrinčević zastupa Pevec kao član Uprave od 5. rujna; istog dana nestala je čitava rubrika ‘investitori’ s web stranica Peveca. Dva dana kasnije, 7. rujna, rubrika je ponovo stavljena ali bez Prezentacije rezultata prvog polugodišta. Ostavljen je samo press release koji je tjedan prije poslan u novine, a taj press release je maknut iz rubrike ‘investitori’ dan nakon što je g. Lovrinčević imenovan predsjednikom uprave.

Conflict of interest and lack of transparency: Letter to shareholders, Management and Supervisory boards

Respected shareholders, members of the Management and Supervisory Boards,

The Pevec Shareholders Association is deeply concerned with the recent developments around Pevec, which we consider extremely detrimental to both the Company, as well as the shareholders.

Since Mr. Bolanča left the Supervisory Board and Mr. Lovrinčević joined the Management Board, which occurred at the same time that Dicentra d.o.o., Osijek, (a supplier of Pevec owned by Mr. Lovrinčević, and whose CEO he was at the time) bought out the investment funds that Mr. Bolanča was representing, we’ve observed alarming developments which have prompted us to ask the Management and Supervisory Boards, as well as other shareholders, the following questions. Since the Management Board hasn’t responded to our communications since the first week of September, we ask them publicly:

• What are the reasons Mr. Šket was removed from the position of Chairman of the Management Board? Considering he carried out the largest and arguably most successful bankruptcy procedure in Croatian history, vastly improving Pevec’s sales, profit, relationship towards employees and corporate governance, we believe there would had to have been egregious breaches of codes of conduct and/or meaningful reasons for his replacement, to an extent that the Supervisory Board would had to have notified the investment community of, as well as the general public.
• Why has the prospectus not been submitted to the Croatian Financial Services Supervisory Agency?
• Will the Company’s shares be listed on the Official Market of the Zagreb Stock Exchange, in accordance to announcements by management, by the end of 2016?
• Since Mr. Lovrinčević would like to see Pevec as a transparent company:
  • Why was the previously published Presentation of first-half results for 2016 removed from the Company’s website the day after Mr. Šket departed from the Management Board and Mr. Lovrinčević was named as its chairman?
    • How can a document containing price sensitive information published by Pevec currently be accessible only through the website of the Pevec Shareholders Association, and possibly others who saved it while it was available to everyone?
  • Why didn’t he report the OTC transaction with which Dicentra, whose board he chaired at the time, bought the shares whose holders Mr. Bolanča was representing in the Supervisory Board?
  • Why doesn’t he report Dicentra’s continuing acquisition of Pevec shares considering he is closely associated with them under Article 464(2) of the Capital Markets Act?
  • Why has Krešimir Bubalo, a professional politician, been hired as the Director of Strategic Development for Pevec without a public vacancy notice?
  • Why did he remove Dicentra’s Public Announcement to Pevec shareholders?
• Why did the Supervisory Board elect Mr. Lovrinčević first as a member, and subsequently as chairman of the Management Board, considering his conflict of interest as a controlling owner of Dicentra, a supplier of Pevec?
  • And as a controlling owner of Filir d.o.o., Vukovar, owner and distributer of Bobi snacks, whose food products started being sold in Pevec, whose full name is PEVEC non-food product retail joint stock company, the same month he was elected to the Management Board?
• Considering that he guaranteed the election of an independent and professional Management Board that would protect the interests of Pevec in a public announcement to Pevec shareholders given while he was the CEO of Dicentra, did he defraud the shareholders?

My activism in Pevec began with my concern that Samoborka d.d. would assume control in the Supervisory and Management Boards, and prevent the possibility of the Company’s shares being listed on the Regulated Market. This is visible in the 2016 Annual General Meeting Minutes, although I actually asked “has the Supervisory Board discussed listing in the Regulated Market prior to CERP’s [Restructuring and Sale Center] request for a vote on it”. Other shareholders became active as well, fearing abuse of such a position and, among other things, “the takeover of Pevec at a discounted price”.

They organized against the “large” Samoborka, and acted to retain control of Pevec in the hands of small and medium shareholders. Currently, however, the second largest shareholder, Dicentra, has not only three or four representatives in the Supervisory Board, but its controlling owner and recent chairman of the board as the Chairman of the Management Board of Pevec, and the prospectus has still not been submitted to the Croatian Financial Services Supervisory Agency.

After Pevec published its Presentation of first-half results for 2016 on August 28, shares of Pevec on the alternative CE Enter Market reached an all-time high of 216.99 kuna per share, which, considering ttm earnings per share in the amount of 34.66 kuna is not inflated (a price-earnings (P/E) ratio of 6.3). The election of Jurica Lovrinčević as a Member of the Management Board was announced on September 6, and since then the share price has fallen from 209,79 kuna to 160-170 kuna, a fall of 19-24%, and loss of market capitalization in the amount of 50-65 million kuna. We attribute this primarily to uncertainty among investors concerning the future operations of Pevec amidst the election of a person with the aforementioned conflicts of interests first as a member, and subsequently as the Chairman of the Management Board, as well as a lack of transparency and listing in the Official Market.

If Retired General Mladen Mikolčević is indeed representing veterans (over one thousand veterans have shares of Pevec since CERP, the government Restructuring and Sales Center, is giving them to veterans wounded and interred during the Croatian War of Independence) in the Supervisory Board, although he represented 8 veterans at the Annual General Meeting with powers of attorney whereas I represented 23, he might want to explain why their shares have lost 24% in value (a package of 169 shares has lost over 8,000 kuna in value) since the Supervisory Board announced it had elected Mr. Lovrinčević to the Management Board a week after the publishing of by far the best financial results in Pevec’s history as a joint stock company.

We would like to know the thoughts of other shareholders, especially those who were concerned about Samoborka previously, what they think of the current situation in Pevec and whether they share our concerns.

Respectfully,

Hrvoje Marković
President
Pevec Shareholders Association

P.S. We thank Mr. Dejan Rnjak of the Valamar Riviera Shareholders Association and his mentioning of us in their latest news. Valamar Riviera and Pevec have a number of mutual shareholders, and since we cannot exchange membership information, we are notifying our members of the existence of their association, of which I am myself a member. You can contact them at udrugavah@gmail.com and Dejan at 092-2274-234, and get more information on their website.

Correction (November 9): Jurica Lovrinčević became a member of the Management Board on September 5; the same day the Investor’s section of the Pevec webpage was taken down. Two days later, on September 7, the Investor’s section was put up again, however the Powerpoint Presentation of First-half Results, which was previously there, was not. Only the press release which had been sent to the press the previous week was put up again; it was this press release that was taken down the day after Mr. Lovrinčević’s election as Chairman of the Management Board.