today was the annuals general assebly of EYATH. This is a report of what happened there.
“The announcement that HRADF would reconsider the issue of privatization of the HRADF EYATh proceeded at the start of the annual ordinary General Assembly of the Thessaloniki water company. This confirms in the most formal way information like the sales process EYATh crashes after the Council of State for water authority.
In an official announcement HRADF who read at the general meeting noted that the Council of State for water authority creates new data. Under this HRADF, respecting the institutions and the local community (pp. referendum on water), will review the privatization process EYATh while as also emphasized the goal of HRADF is the utilization of a public company, thus responding implicitly on charges of selling off public property.
The decision HRADF, and certainly not satisfy the shareholder and already nominated purchaser of 51%, Suez, as the divestiture process lasts for about three years and has forced two candidate consortia costs, but also has brought in contrast with players local community, on a case started by selecting the Greek state.
As underlined by the General Assembly and the President and CEO of EYATh SA, Nikos Papadakis, “this back and forth privatization, has not done any good to the company struggles to carve out its development strategy”, when in fact it has funds, no penny owes to banks and may well proceed in implementing the investment program for the period 2014-2018, amounting to 132 million euros.
The company urgently needs staff and should, by 2015, to resolve the issue of pricing policy, in cooperation with the Water Regulatory Authority, and the issue of fees with the signing of a new collective agreement with the workers.
In regard to agenda items, decisions of the General Assembly certainly satisfy the above shareholders, although the returns from funds raised and untaxed reserves was sanitizing character and was set by the SEC.
Specifically, the shareholders (with HRADF and government to have control of the company) will get 0.285 euros per share. This figure breaks down as follows: From the profit distribution will be a dividend of 0.12 euros / share. Also from untaxed reserves were created in previous years placements in repos, distributed net amount 2,373 million euros or 0,065 euros per share. Also, the funds were pumped by the introduction of the IPO in order to invest in the new building 4,695 million euros, funds will be returned 3,695 euros or 0.10 euros per share.
After the adoption of the agenda items, the ratio obtained by the employee representative and one of the pioneers of the movement against privatization SOSte Water, George Archontopoulos, who referred to the new appeal to the Council of State against the transfer of shares in EYATh HRADF purpose of sale, who also argued that once returned funds from those raised by the introduction of the company’s stock, should and respective shares to pop out of the dash and EYATh AE to redo a state enterprise.
The Voria.gr adds the text of the Declaration of HRADF as sent to the media:
“The Council of State on water authority creates a new situation in the issue of privatization of water companies.
The HRADF, respecting legal institutions, but also the reactions of the local community, will proceed to the next period in review process utilizing EYATh and announce the relevant decisions.
Note that HRADF role is to utilize elements of public property in the public interest, and therefore the interests of citizens, while also required to ensure the legitimacy, effectiveness and credibility of the privatization program. “