Greenhill – Kiloman – The Board of Ellaktor should be the firm’s management, not Reggeborgh’s

“The announcement/answer to questions from the Hellenic Capital Market Commission from the Board of Directors of Ellaktor, a company in which we hold 29.8% of its share capital provokes astonishment,” note companies Greenhill Investments Limited and Kiloman in a relevant circular regarding the announcement issued by the board of directors of Ellaktor answering questions from the Hellenic Capital Market Commission.

Greenhill Investments Limited and Kiloman accuse the company’s board of directors of “being understudies of the board of directors of Reggeborgh, in fact trying to attribute to us leaks in the media, although from the reports it is clear that they were promulgated by an executive of this administration.”

The announcement of Greenhill Investments Limited and Kiloman states in detail: “The Board of Directors needed four condensed pages in order to attack us, a large shareholder of the company, participating in a shareholder dispute in which it is not allowed to become involved or take part. We find that it replaces the Board of Reggeborgh, even trying to attribute leaks to us in the media, although from the reports it is clear that they were promulgated by an executive of this administration. Let them look for the perpetrator in the building where they are located!

But because they have a selective memory, we remind you of what has been revealed so far:

1. Most members of the current management of Ellaktor are a choice of the leadership of GEK TERNA in which Reggeborgh was a major shareholder. Why do they still remain now that they are -supposedly- competitors?

2. The other major shareholder, Reggeborgh, is informed daily and intervenes by giving directions through the “independent non-executive member” of the Board, K. Toumbouros.

3. By secret written agreement, in September 2020, shareholders L. Bobolas and Reggeborgh agreed to coordinate their vote, with the aim of gaining control of the company and exchanges such as buying each other’s shares and selling to Bobolas a profitable subsidiary.

Surprisingly, the four-page announcement does not mention any of these important issues, they are not substantially refuted, nor have legal proceedings been initiated, if they are considered false. And while the truth of the publications is not disputed, the Administration turns against us, with indecent characteristics for “incoherent tactics”, with strange aphorisms that attribute our reasonable questions to “individual interests and wounded egos”.

All this might have convinced some well-wishers a year ago, but now there are deeds that are the most important revelations about the projects and the days of the team that was in the management of the company. What has the current administration done in the ten months that it has taken over the fate of Ellaktor? It has zero participation in project tenders in Romania. Almost zero participation in bids in Greece and zero success in major projects. He simply signed contracts prepared by the previous administration, which he is trying to demonize.

The company that according to the revelations, chose those who manage today, the competitive GEK TERNA, in January 2021 had less of a backlog than AKTOR and now – in a period of ten months – has more than doubled. How do they explain this performance? Are they weak or are they deliberately degrading the company? Can they not or do they not want to? We know the answer to this market dilemma.

The current management “succeeded” in securing three downgrades from Fitch, Standard and Poor’s and ISS, and the share price, despite the huge capital increase of 120 million euros, is breathing its last at lower levels than in previous years.

The companies Greenhill Investments Limited and Kiloman have reservations about the actions they will take after the incredible degradation of every concept of corporate governance, business ethics and efficiency. This combination requires the intervention of the competent supervisory authorities and the judiciary as what is at stake is not only the future of a company “.