Shareholder effort fails at special Balda meeting

David Eldridge
EUROPEAN PLASTICS NEWS

Published: July 19, 2013 1:05 pm ET
Updated: July 19, 2013 1:07 pm ET

Related to this story

Topics Medical, Injection Molding

Shareholders at an extraordinary general meeting of Balda AG, the German medical plastics manufacturer, did not get to vote on resolutions due to legal irregularities in the way minority shareholder Elector GmbH called the meeting held in Berlin yesterday. The resolutions put forward by Elector had sought to replace Balda's supervisory board with its own representatives.

Michael Naschke, chairman of Balda's supervisory body, who was chair of the EGM, told shareholders at the meeting that he would permit no voting to take place on the proposed agenda items as Elector had not followed correct procedures in inviting shareholders to register for the meeting.

A statement issued by Balda said: "In its invitation to the extraordinary general meeting, Elector specified that the shareholders should register with Haubrok Corporate Events GmbH — a service provider commissioned by Elector but not by Balda AG. This was inadmissible."

Balda sought advice from three independent legal experts. "Each independently came to the conclusion that Elector was guilty of a serious error in convening the meeting. As a result, the extraordinary general meeting will be unable to adopt any resolutions," the statement said.

Balda previously criticized the calling of the EGM by Elector, which owns about 30 percent of Balda's shares. It said the decision to hold the meeting in Berlin is "anything but shareholder friendly" as shareholders from Eastern Westphalia would find the city difficult to get to.

The Wall Street Journal's German website reported vocal support by Balda shareholders at the meeting in Berlin, with one shouting "Bravo!" when Naschke announced there would be no vote.

The statement said Balda will not reimburse Elector for the costs it incurred in convening and preparing the EGM.

Elector is owned by Thomas van Aubel.


Comments

Shareholder effort fails at special Balda meeting

David Eldridge
EUROPEAN PLASTICS NEWS

Published: July 19, 2013 1:05 pm ET
Updated: July 19, 2013 1:07 pm ET

Post Your Comments


Back to story


More stories

Image

Chinese auto suppliers growing in US

July 24, 2014 4:17 pm ET

Two China-based automotive suppliers are expanding in the U.S., according to information released by the Michigan Economic Development Corp.    More

Image

Injection molder, recycler Polyvulc USA puts itself up for sale

July 24, 2014 12:41 pm ET

Fred Farrell and Larry Lambiotte, founders of Polyvulc USA Inc. and its subsidiaries Polyvulc Tire Recycling Llc and Winnsboro Rubber Recycling LLC,...    More

Image

RxFiber developing new generation of medical fibers

July 23, 2014 1:38 pm ET

Increased concern about patient safety is creating a business opportunity for biomaterial fibers maker RxFiber LLC.    More

Image

Illinois injection molder expands

July 21, 2014 1:23 pm ET

Automotive supplier All-Rite Industries Inc. has added two new injection molding machines to its operations.    More

Image

Infiltrator goes very large scale for injection press

July 18, 2014 1:45 pm ET

Infiltrator Systems Inc. has designed and built a mammoth injection press, with 6,000 tons of clamping force, to mold septic tank halves measuring 15 ...    More

Market Reports

Injection Molders Market Report & Ranking 2014

This special package contains our 132-page 2014 Market Report on the Injection Molding segment and our exclusive 2014 RANKINGS database of 500+ Injection Molders for a discounted package price.

Learn more

Plastics Recycling Market Review & Outlook 2014

This special report from Plastics News examines the North American plastics recycling industry and provides insight into indicators that impact market viability, including Resin pricing trends for virgin and recycled market material and historical Resin production trends for post- consumer and industrial waste.

Learn more

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Upcoming Plastics News Events

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

More Events