Orco Property Group appears to be acknowledging on its website that Millenius Investments now controls 10.07% of the voting rights in the company. Crossing the ten percent barrier is big, because it means you can call an extraordinary shareholders meeting, and these activist shareholders have a clear idea of the agenda at that meeting.
Here’s the note in full:
Paris, March 26th 2010 — By letter dated March 24, 2010, Millenius Investments S.A., a société anonyme (public limited company) incorporated under Luxembourg law, with registered office at L-1130 Luxembourg, 37, rue d’ Anvers, registered with Luxembourg Trade Register under number B149.60, Clannathone Stern S.A., a société anonyme, incorporated under the laws of Belgium, with registered office at 11, rue des Colonies, B-1000 Bruxelles, registered under number 0867341435 and Bugle Investments Ltd., an international business company, incorporated under the laws of the Republic of Seychelles with registered office at Suite 13, First Floor, Oliaji Trade Center, Franchis Rachel Street, Victoria, Mahe, Republic of Seychelles (the “Notifying Companies”) according to which Notifying Companies hold together 1,104,600 company’s shares entitling to 10,09% of the total vote in the company.
We assume the first gathering of shareholders Millenius calls won’t be the decisive one, because you need to have 50% of the shares present to get things done. Rules change, we’re told for the second one…
