Ljubljana - The shareholders of asset management company KD Group backed a management proposal on Tuesday to squeeze out small shareholders and delist from the Ljubljana Stock Exchange.

In line with the decision made at the shareholders' meeting attended by shareholders representing 97.44% of the capital, KD, which owns 97.339% of the capital or 2,100,093 shares of KD group, will buy the remaining 57,394 shares.

The small shareholders are to receive EUR 44.90 per share, according to a release on the website of the Ljubljana Stock Exchange, where KD Group's share was worth EUR 44.20 on on Monday.

Five lawsuits have been announced against the decision to squeeze out small shareholders and four suits will challenge the decision on the departure from the stock exchange.

The Pan-Slovenian Association of Small Shareholders (VZMD) said in a press release that KD would pay out a total of EUR 2.58 million to small shareholders, while 4,088 shareholders, who own 30,079 shares of KD Group, still have their shares on the accounts of the Central Securities Clearing Corporation (KDD) which will have been discontinued at the end of this year.

KD is the controlling company of the KD Group. In 2020, its net profit stood at EUR 4 million, but in the first half of this year, it generated a loss of EUR 925,000. The company allocated EUR 27.8 million for dividends this year, with a gross dividend per share totalling EUR 11.50.