The chairman and vice chairman of Ellaktor, Anastassios Kallitsantis and Dimitrios Kallitsantis, submitted their resignations on Wednesday and requested the election of a new board by shareholders at a June 29 general assembly.
As announced by the company, ?Messrs Anastassios and Dimitrios Kallitsantsis have taken the initiative to resolve the prolonged Management deadlock in ELLAKTOR S.A., in order to enable the Group to be able to resume once again the creation of long-term shareholder value.
Recognizing their fundamental differences with the other major shareholders regarding corporate governance, organization and strategy of ELLAKTOR, Messrs Anastassios and Dimitrios Kallitsantsis submitted today their resignation as Chairman and Vice-Chairman of the Board of Directors of ELLAKTOR S.A. respectively, officially requesting the election of a new Board of Directors of ELLAKTOR S.A. by the shareholders at the forthcoming Ordinary General Meeting of 29 June 2018.
1. Mr. Anastassios Kallitsantsis submitted his resignation as Chairman of the Board of Directors of ELLAKTOR, maintaining his position as member of the BoD.
2. Mr. Dimitrios Kallitsantsis submitted his resignation as Vice-Chairman of the Board of Directors of ELLAKTOR, maintaining his position as member of the BoD.
3. The company ?PEMANOARO LIMITED? directly controlled by Messrs Anastassios and Dimitrios Kallitsantsis, acting under its capacity as shareholder of ELLAKTOR S.A. and representing 5% of ELLAKTOR S.A. shareholder capital, has submitted a petition requesting the amendment of the already published since 07.06.2018 Agenda of the forthcoming Ordinary General Meeting of ELLAKTOR, scheduled for 29.06.2018, with the addition of the following two items:
i. Recall (of all members) of the Board of Directors of ELLAKTOR S.A.
ii. Election of nine (9) members of the new Board of Directors of ELLAKTOR S.A. and appointment (among those) of Independent Members.
iii. Election of Members of the Audit Committee of ELLAKTOR according to Article 44 L.4449/2017.
Convinced that the current Board of Directors of ELLAKTOR, is unable to promote the necessary reforms and that ELLAKTOR is faced with the imminent risk of further decline of its market position, Messrs Anastassios and Dimitrios Kallitsantsis are turning to the Group's shareholders, submitting specific proposals and requesting the General Assembly of ELLAKTOR to make a determination on them.
In particular, under the "CHANGE4ELLAKTOR" initiative of Messrs Anastassios and Dimitrios Kallitsantsis, the following new team of experienced and in a large degree independent BoD members is proposed:
1. George Provopoulos
2. Anastassios Kallitsantsis
3. Dimitrios Kallitsantsis
4. Iordanis Aivazis
5. Panagiotis (Takis) Doumanoglou
6. Michael Katounas
7. Alexios Comninos
8. Despina (Diana) Markaki
9. Eleni Papaconstantinou
The above professionals, with diverse areas of expertise, possess the necessary skills and abilities to substantially and positively influence the prospects of ELLAKTOR and all its shareholders.?
In a relevant statement, Mr. Anastassios Kallitsantsis commented:
?I believe I have exhausted all available options to reform ELLAKTOR from within. I have taken this step after careful consideration, putting personal interests and sentiments aside and having the interests of ELLAKTOR’S shareholders, employees and business partners at heart. I retain Board membership because I remain committed to ELLAKTOR and I wish to protect the Group from potential decisions that a full withdrawal of mine could trigger. ELLAKTOR has potential which it can unleash under different Management. But change is urgent and required now?.