Moravia announces shareholder strategy
PRAGUE — At a brief shareholders meeting on Thursday, majority owner Moravia announced that it is selling a single share each to the two parties bidding to buy Barrandov.
OTF Brokers and Lumar Film acquired their single shares for a nominal price of 16,000 crowns ($500).
OTF was identified as a German company represented by Jindrich Goetz, a former minority shareholder in Barrandov. Lumar Film is a six-year-old company currently producing its first feature film in Prague, Vojtech Jasney’s ¨Return to Paradise Lost.¨
The move was interpreted as a way to avoid future shareholder meetings in the sale of Barrandov, the largest studio in Central Europe.
Under its regulations, if shares are transferred between already existing shareholders, there is no need to get approval at a shareholders meeting.
Only the board of directors needs to approve the transfer, which can be done in one day, as compared with the 15-day notice required for shareholder meetings.
“All minority shareholders are cut out of the way,” said Vaclav Marhoul, former CEO of Barrandov.