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Novotrade shareholders to vote again on capital raise

Exchange-listed holding company Novotrade Nyrt announced on Wednesday it will convene a general meeting on June 27 where shareholders will vote again on a Ft 2.4 billion capital raise to pay for a solar collector factory the company plans to build and on other items approved by the company's AGM on April 27.

Novotrade deputy CEO Gábor Sziklai said that the Company Court refused to register the decisions taken at the AGM because of technical reasons, as the company failed to publish the invitation to the AGM in one of the publications specified in the articles of incorporation. He added that a proposal at the April 27 AGM to reduce the nominal value of shares from Ft 500 to Ft 100, which would require a two-thirds majority, was removed from the agenda of the June 27 AGM, because Deutsche Balaton AG, which controls 31.57% of Novotrade's shares, voted against the resolution at the first annual meeting.
Except for the vote on the reduction of the shares' nominal value, the agenda will be the same, including the approval of the 2005 annual report, and a vote on a proposed capital rise through a private placement of new shares, he said.