Andrew Saverys: “Dear Madam, please call a meeting …”
The mud surrounding the failed Euronav mega merger with John Fredriksen’s Frontline reveals no signal of settling. In the latest growth, CMB (Compagnie Maritime Belge) yesterday wrote Euronav’s supervisory board requesting that it convene a particular basic assembly of the corporate,
The Belgian Code of Companies and Associations gives that an organization should despatched an invite for a shareholders’ assembly inside three weeks of receiving a request from a shareholder holding greater than 10% of the voting rights, which CMB does.
Signed by CEO Andrew Saverys and CFO Ludovic Saverys, CMB’s letter, addressed to Euronav supervisory board chair Anne-Hélène Monsellato contains an agenda for the proposed assembly on which the primary merchandise is “to terminate the mandate of Mrs Anne-Hélène Monsellato as member of the supervisory board with immediate effect.”
The subsequent 4 agenda objects suggest the elimination of the opposite 4 members of the board.
CMB then proposes a slate of substitute board members that features Marc Saverys (father of Andrew and Ludovic) and Patrick De Brabandere, CFO of Saverys household managed Exmar, as non-independent administrators together with three unbiased administrators: Julie De Nul, CEO of De Nul Dredging; Catharina Scheers, proprietor and managing director of Fast Lines Belgium, and Patrick Molis, chairman of Compagnie Nationale de Navigation.
A GREENER EURONAV?
What’s forward for Euronav if the Saverys achieve management? Belgian newspaper De Staandard says “CMB strongly supports a radical change of course for the Belgian oil tanker company. It proposes a greening operation. It includes heavy investments to make the tanker fleet greener while at the same time focusing on the transport of green alternatives to crude oil. Euronav’s board of directors has repeatedly made it clear in the past year that it is not in favor of such a project.”
