GORENJE, d.d., Velenje
Some explanations with regard to the company Ingor
Velenje, Slovenia, 21 September 2009 - Misleading and unverified information that has been launched in the public with the aim to discreditate Gorenje, its Management Board and Supervisory Board have negative effects on reputation of Gorenje and on confidence of general and financial public in the company. Gorenje denies all allegations regarding irreguralities and gives further explanations with regard to Ingor.
In 2007, Gorenje successfully completed a 15-percent capital increase as all 1,830,000 newly offered shares in the total value of EUR 54,900,000 were paid up.
All shareholders registered in the share register as at June 29th 2007 were given the opportunity to take part in the capital increase. Nearly 7,500 shareholders exercised their preemptive right to subscribe additional shares, acquiring a total of 76.25 percent of the newly offered shares.
Pursuant to the provisions of the prospectus, the right to subscribe the remaining shares not paid up by exiting shareholders was granted to EBRD, IFC, and the company Ingor. European Bank for Reconstruction and Development conditioned its cooperation with immediate commencement of the government's retreat from the ownership composition, and with acquisition of a certain interest in Gorenje on the part of its managers and executives, which would prove their commitment to the development of the company.
Consistently with its position, EBRD refused to take part in the capital increase and thus, the company Ingor paid up all remaining 434,572 newly offered shares (23.75 percent) with the total value of EUR 13,037,160.00, thus securing the success of the capital increase process.
Participation in the company Ingor, which includes over 170 Gorenje managers and experts, was offered to Gorenje employees based on the following three criteria: previous merit in terms of providing benefit for Gorenje, current position, and expected merit in the future. All associates who decided to take part either offered their own savings, obtained a personal loan, or pledged / mortgaged their own property for their respective contributions to Ingor.
Ingor holds a 5.66 percent share in the total ownership composition of Gorenje. Gorenje management never saw the acquisition of such minority interest in the company as a vehicle of a management buyout, since Gorenje is too vast a business system for such endeavor.
Information on Ingor participants, or partners, is publicly available at the Agency of the Republic of Slovenia for Public Legal Records and Related Services. Shareholders of Ingor include all current Gorenje Management Board and Supervisory Board members, all representatives of the employees, Peter Kobal, Drago Krenker, Krešimir Martinjak, Jure Slemenik and Ivan Atelšek, Milan Podpečan and Jože Zagožen, all of whom were or have been respectable members of Gorenje management. Ingor's largest shareholder, Gorenje president and CEO, holds approximately 3.6 percent of Ingor that is only 0.2 percent of Gorenje.
The only asset, or property, of the company Ingor is Gorenje shares. The company has no other activities. Hence, there is no business cooperation of Ingor with Gorenje Group companies.
Organizational, managerial, or financial composition of Ingor cannot affect the performance of the supervisory function in any way, as it does not in any way render the members of the Gorenje Supervisory Board subordinate to or dependent on the members of the Management Board appointed by them.
Disclaimer: All announcements in English language are only for information purposes!
The information of this announcement will be available on the official web site of the company Gorenje, d.d., Velenje, Slovenia, gorenje.com, at least 5 years from the date of the announcement.
The Management Board
Date: 21. 9. 2009