Arago Investment, the controlling shareholder in Hungarian meat processor Pick, surprised investors by withdrawing the sole item on the agenda of the company’s Extraordinary General Meeting (EGM) earlier this week, namely the motion to delist Pick shares from the Budapest Stock Exchange.
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Allegedly, the APV privatisation agency, which holds a golden share in Pick, had contested the EGM and threatened to veto the meeting. This is likely to be bad news for other small shareholders, as a future offer price will probably be lower than the previous offer proposed by Arago for the outstanding shares, which at HFt4270 (US$15.2) per share was considered generous.
