The PFNonwovens General Meeting ousted small shareholders

The majority shareholder, PFNonwovens Holding, which holds over 90 percent of the shares, will pay 719.50 crowns to minority owners for each share. The majority shareholders will acquire the ownership right one month after the publication of the minutes of the resolution of the General Meeting. The amount of consideration has been approved by the Czech National Bank, but some minority shareholders do not agree with it.

“The voting was just a formality, we boycotted it together with other minority shareholders. We will file a settlement request with the main shareholder, which will also be a formality, so together with about 170 other shareholders we will file a class action lawsuit. crowns per share, “said one of the minority shareholders, Tomáš Hájek.

According to him, the fair price is much higher, mainly because in 2017 the market value of the share was 1010 crowns and since then the company has undergone further development.

The company produces nonwovens based on polypropylene and polyethylene for hygiene, industry, construction, agriculture, healthcare and other sectors. They are used for the production of baby diapers or women’s hygiene items.

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The company also has limited capacity to produce protective equipment such as masks, respirators or protective suits. It has plants in South Moravia, Egypt and South Africa. In the first half of this year, it employed over 700 people.

R2G Rohan Czech became the majority shareholder of the company in 2017, and in June 2018 PFNonwovens Holding.

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