Takeover thriller in Turisthotel: The president of the board criminally reported the head of Tankerska plovidba

The process of taking over the Turisthotel by Tankerska plovidba from Zadar took on a new unexpected dimension: the president of the board of the largest Zadar hotel company Meri Matešić Sičić filed a complaint against the president of the board of the largest Croatian shipping company Marija Pavić for the criminal offense of threats, writes Zadarski.hr

Matešić reported Pavić at the end of January this year after a phone call to to whom Pavić allegedly told her that he would destroy her and everyone who supports her in this if she pays the shareholders of Turisthotel an advance dividend for 2022. in the amount of 12 euros per share.

He accused her of doing all this at the persuasion of the largest individual shareholder and former chairman of the board Frane Skoblar and that he would file a lawsuit against her if dares to do something like that, that is, that he will destroy it. Meri Matešić Sičić took Pavić’s words seriously and as a direct threat to her safety and existence, and decided to inform the police about all this.

After becoming the owner of more than 25 percent of Turisthotel’s shares (39.34 percent) in mid-January, Tankerska created an obligation to take over the rest of the company’s shares through a public offer that came into effect on January 18 .

Hostile move?

Dividend payment in Turisthotel is usual in January every year. Last year, the dividend of HRK 200 per share was paid in September, and the year before, the dividend was not paid due to the pandemic and because Turisthotel was a beneficiary of state aid. The amount of advance dividends that should be paid is estimated at slightly more than 4 million euros (about HRK 30 million). Skoblar has 11.85 percent, pension funds 10.54 percent, and the rest are small shareholders.

Given the fact that the public offer procedure for takeover is ongoing, Tankerska plovidba assessed the move of Turisthotel’s management as hostile towards the acquirer, a procedure that causes damage and misleads other shareholders . In addition, the Turisthotel account has around 66 million euros (half a billion HRK), and the payment of dividends would significantly reduce that amount. Turisthotel would have enough money left with which Tankerska could cover its takeover. Tankerska would practically buy the Turisthotel with his money, writes Zadarski.hr.

The meeting at which the decision on the payment should have been made, scheduled for February 3, was not held due to the illness of President Matešić Sičić. It was postponed to Wednesday, February 8, but it was not held again, allegedly due to a series of new pressures and threats received by individual members of the Supervisory Board and the management of the company.

However, it was not premature

As we wrote recently, not even three months have passed since Pavić, after his company acquired a 24.5 percent stake in Turisthotel, told Lider that Tankerska did not want to cross the 25 percent threshold because that would imply the obligation to publish a public offer for the takeover of Turisthotel, and that it was “premature to talk about further steps.” .

Since in mid-January Tankerska bought the next 14.61 percent of shares from the animal shareholder of Turisthotel and raised its ownership stake to 39.34 percent, it is obvious that at the beginning of November this was not the case it was so ‘premature to talk’ because the money for the takeover had to be secured already then.

With regard to the Turisthotel share price on the Zagreb Stock Exchange, closing of the contract with the family of five minority shareholders rose to 600 euros, it can be assumed that Tankerska paid more than 30 million euros for the new 14.61 percent stake. To that should be added more than EUR 53 million, which was invested in the first 24.5 percent.

Since this is how the obligation to publish a takeover offer arose, for the remaining shares of Turisthotel Tankerska would have to have another 60 million euros as insurance. In total, therefore, Tankerska would have to count on the fact that the takeover of Turisthotel could cost it around 150 million euros.


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