PannErgy puts corporate changes on agenda of next meeting

Deals

Geothermal energy company PannErgy will request shareholders to vote on withdrawing treasury shares and removing a member of the board in an upcoming annual meeting on July 4, according to a meeting agenda published today.

The proposal suggests the retraction of 1,854,656 treasury shares, an amount above the mandatory total for the company’s share option system for managers, according to Hungarian news agency MTI. The total amount of PannErgy shares would be decreased to 19,199,999.

The meeting will also deliberate on the suggested removal of István Töröcskei from the board of directors, “in view of his role as an owner and senior officer at companies that have become liquidated in recent years”, the agenda said, according MTI.

Töröcskei is the former owner of Széchenyi Commercial Bank, which closed in 2014, and he also acted as head of the Hungarian Government’s Debt Management Agency (ÁKK).

PannErgy sold a HUF 250 million stake in March of geothermal heat company, Geo-Wendung, as part of a larger portfolio clean-up. 

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