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Compulsory settlement against Sava d.d. is final

The decision by the District Court in Ljubljana on confirmation of compulsory settlement against Sava d.d ( St 2868/2015) became final on 12 November 2016.

Under compulsory settlement proceedings, the creditors voted for conversion of claims into shares and for a change in the share capital as defined in the creditors’ proposal of the Financial restructuring plan on Sava d.d. With the finality of court’s decision, the share capital is thus reduced to zero, the SAVA share (ISIN code SI0031108457) is annulled and the existing company’s ownership structure is cancelled. Based on voting and the finality of compulsory settlement, the share capital is increased through in-kind contributions by the present creditors, which is to be followed by the issue of new ordinary personal no-par value shares. After subscription in the Central Securities Clearing Corporation (hereafter: KDD), the three new major owners of Sava d.d. will be SDH, d.d. and KAD, d.d. (one-half of 45.13% ownership each), and York Global Finance Offshore BDH (41.74 %).

Since the compulsory settlement became final, Sava d.d. again operates with a positive capital amounting to €28.5 million. The implementation of the financial restructuring plan will provide the conditions for Group’s profitability and even better results of Tourism business, which besides Sava Turizem d.d. includes the management of capital investments in Hoteli Bernardin, d.d. and Istrabenz turizem, d.d. In addition to their autonomous development, all three companies can utilise the potential synergetic effects leading towards even greater progress and growth.

Explanation about the SAVA share

The SAVA share now no longer fulfils the conditions for trading on a regulated market, which is why it will be withdrawn from trading. For this reason, the need for transferring the SAVA shares from registry to trading accounts no longer exists.

Based on the decision by Ljubljana Stock Exchange d.d., trading with SAVA shares was halted on 17 February 2016 in order to protect investor interests. Upon publishing the financial restructuring proposal (1 March 2016, Ajpes website), Sava d.d. requested from Ljubljana Stock Exchange d.d. to release trading as the information providing a satisfactory basis for investor evaluation of company’s situation was publicly accessible. After the decision on confirmation of compulsory settlement was issued, Sava d.d. proposed to extend the halted trading with the SAVA shares from the finality of the decision until the deletion of shares from the central registry with KDD, d.d.

Sava d.d.
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