Tuesday, April 14, 2009

Mieszko's shareholders furious after being left in the dark

For the past several weeks shareholders of confectionery producer Mieszko cannot sleep calmly. First, the market was filled with rumors about serious financial difficulties of Latvian-Estonia group Alta Capital Partners, (ACP) which is a majority shareholder in the firm.

Afterwards, three independent members of its supervisory board resigned, and then a few days ago Marek Moczulski stepped down as the company's president. Puls Biznesu acquired a memorandum of Unicredit CA IB Poland from November 2008, which reads that ACP was planning to dispose of its stake in the confectionery producer and the financial institution was playing the role of exclusive agent in preparing this transaction.

The memorandum reached minority shareholders and outraged them presenting financial forecasts for 2008, which were not officially disclosed. "The management board had nothing to do with the memorandum," said the former president Marek Moczulski. Alta also denied being the source of the leak.

According to experts, a potential transaction would be very difficult and would only be successful by acquiring a sector investor. According to the memorandum, Mieszko might also be eyeing mid-size companies from CEE as an alternative solution.