May 20, 2018 - As announced by the management and the majority owned by the Municipality of Kotor, the shareholders' meeting was attended by the mayor of Kotor Vladimir Jokić on behalf of the majority owners.
"The shareholders expressed satisfaction with the accomplished business performance by Luka Kotor, which represents the confirmation of successful management, and particularly shows interest for the planned future development and business priorities, with emphasis on planned investments that will significantly increase the capacity and quality of service delivery in the port Kotor. The stakeholders have given full support to the activities undertaken in the preparation of the documentation for submitting the application for the award of the foremost concession, and the notification to the Ministry of Transport and Maritime sent to 'Luka Kotor; that the conditions for submitting the request for the concession have been obtained is rated as extremely good news, both for the owners of capital and the company, but also for the Municipality of Kotor and the state of Montenegro because the concession will contribute to the accelerated development of the Kotor port as a rising cruise destination," they said in a statement.
The management says that the independent auditor "praised the actions taken to meet the auditors' recommendations made in the previous year" and stated that "financial statements present a true and objective financial condition" of Luka Kotor the 31st of December 2017, as well as business results, changes in equity and cash flows for the year ending on that date in accordance with accounting standards and regulations applicable in Montenegro.
"Shareholders have pointed out that the Board of Directors and executive management should take all measures to counter public disclosure of inaccurate and false information about the Company's business and thereby create the possibility that through the transfer of such allegations to media shareholders are misled about the real value of their capital and on the basis of which they could have made a wrong decision," they stated, nothing that the Assembly unanimously made decisions on the distribution of profits, the conversion of reserves into share capital, and the decision on the issue of shares on the basis of the conversion of reserves into share capital.
Based on these decisions, the share capital of "Luka Kotor" A.D. Kotor has increased from EUR 993,483.36 to EUR 3,312,369.85, and the number of shares increased from 413,383 to 1,378,259. In 2017, a net profit of EUR 0.92 million was achieved, and shares were distributed to the shareholders, company assets increased by re-estimation for EUR 1.2 million, share capital has increased. Therefore each shareholder tripled the number of shares they own.
At the proposal of the Board of Directors, the Shareholders' Assembly also decided to reduce the compensation to the members of the Board of Directors. A new board of Directors has been selected consisting of Branko Ivanovic, Branimir Maslovar, and Slađana Živković as well as representatives of the Municipality Radomir Rudanović, a representative of minority shareholders, and Stanislava Subotić as a representative of the PIO Fund. After the Assembly, a constituent session of the Board of Directors was held, where Branko Ivanovic was unanimously elected as Chairman of the Board.
Text by Sinisa Lukovic, on May 20th, 2018, read more at Vijesti
