AS Ekspress Grupp: statement of claim announcement
OREANDA-NEWS. September 27, 2016. Oy Grupivara that owns 0,0003% of the shares of AS Ekspress Grupp has challenged in court the Shareholders Meeting’s 13th of June 2016 decisions to approve the annual report for the financial year 2015 and the profit distribution proposal. The claim has been taken into Harju county court’s proceedings.
Oy Grupivara has formerly challenged in court the Shareholders Meeting’s 20th of June 2014 decisions to approve the annual report of financial year 2013 and the proposal for distribution of profit and the Shareholders Meeting’s 27th of May 2015 decisions to approve the annual report of financial year 2014 and the proposal for distribution of profit. Those claims are also being processed by Harju country court.
All three above-mentioned claims plead that impairment of goodwill of Delfi in Estonia and Delfi in Latvia should have been recognized in the financial reports, in which case there would have not been the profit to be distributed. The management board of AS Ekspress Grupp finds all three claims to be groundless. The independent auditors have confirmed that the annual reports of financial years present the financial position and the financial performance of the company accurately and fairly.
In addition, Oy Grupivara has filed the court a petition to oblige the management board of AS Ekspress Grupp to provide information about the company’s EBITDA prognoses to Oy Grupivara. Harju county court dismissed Oy Grupivara’s petition on the 21st of September 2016. The court held that Oy Grupivara can not require the submission of such information.