VIVES ENTERS AN ENERGY REPAIR UTILITY
Vives AD, the new shareholder in Energoremont Bobov Dol, will get in dividend 25% of the company's 2002 profit, amounting to BGN250,000. The decision was made at an extraordinary general meeting, invited by Vives on September 8. All shareholders who have acquired shares of the energy repair utility no later than August 21 voted at the meeting. The shareholders cancelled a previous decision (taken at the ordinary general meeting on May 15) that no dividend would be paid.Vives AD acquired 25% of the capital of Energoremont Bobov Dol against compensation notes. The deal was effected on the stock exchange in the end of April. The company was part of the so-called Energy pool. The pool also included Energoremont Holding and its subsidiaries in Varna and Rousse. First Financial Brokerage House was the investment intermediary that sold the shares of Energoremont Bobov Dol. BGN2.03MN in compensation notes were paid for the shares.The transfer of the stake acquired by Vives on April 29 took a few days. That's why the new owner was not able to take part in the ordinary general meeting on May 15. Under effective legislation, only shareholders who have acquired stakes at least 14 days earlier are allowed to participate.Still, Vives managed to take BGN63,000 of the 2002 profit of Energoremont Bobov Dol. It profited by the presumption for public companies that the shares were bought with a right for dividend. Therefore, each of the new owners is allowed to participate in the distribution of the previous year profit.The other shareholders in the Bobov Dol company - Energoremont Holding and the Ministry of Energy and Energy Resources, too, were paid dividends equal to their stakes - 35% and 40% of the profit, respectively. So, the entire profit accumulated in 2002 was distributed among the shareholders.Both the statute and the managing bodies were changed at the meeting on September 8. Veneta Nikolova, Vives Executive Director and owner of half of its capital, was appointed member of the Board of Directors of Energoremont Bobov Dol. Nadezhda Georgieva was dismissed from the BoD.Veneta Nikolova participates in the boards of two other companies - Emy AD, based in Silistra (where she repalced Tsvetan Vassilev, Chairman of Corporate Bank's Supervisory Board), and Daos AD (where she sits along with Bisser Lazov from Victoria insurance company).The Sofia-based Vives company was also an active buyer of shares of other companies included in the Energy pool. On April 29, 2003, the company became owner of a 34% stake in Energoremont Rousse. On May 27, it acquired the same share in Energoremont Holding. Two days earlier (May 25), Vives acquired 12.67% of the capital of the Varna-based energy repair company.Most probably, Vives is not going to invite an extraordinary general meeting in the other energy repair utilities, because according to their annual reports there is no profit to be distributed among the shareholders. Energoremont Rousse ended last year at a BGN149,000 loss, and the holding can only boast of a BGN10,000 profit.