The Board of Directors of the “Dr. Simo Milošević” Institute has called an extraordinary Shareholders’ Assembly for February 24, with the agenda including the dismissal of the current Board and the appointment of a new one, according to a document from the Institute.
The current Board of Directors is chaired by Dr. Predrag Dragojlović, with members Pavle Obradović, Petar Rakčević, Goran Čabarkapa and Savo Kalezić.
Although the agenda for the February 24 Shareholders’ Assembly does not mention a decision on the Restructuring Plan, which was sent to the University of Montenegro professors for revisions following the previous session, in line with an agreement between the government and the largest minority shareholder, HTP Vila Oliva, the conclusion of that meeting stated that the amended Plan would be discussed at the next extraordinary session. According to unofficial information obtained by Pobjeda, it is expected that the Plan will be updated and that this issue will be included in the agenda on February 24.
The Restructuring Plan has been presented to the Institute’s shareholders twice before, and after the last session, it was announced that an agreement had been reached, requiring some corrections to the Plan. At that time, Petar Rakčević, a representative of HTP Vila Oliva, stated that intensive negotiations with the government had led to a convergence of views on several contentious points, including disagreements over the sale of the first phase of the Institute, the need to convert land usage rights into ownership rights, which could only be predicted for health or commercial tourism, and reducing the proposed costs for the Institute’s reconstruction. They are only in favor of selling the Children’s Department, but only for the purpose of building a school in Igalo.
Vila Oliva co-owner Žarko Rakčević previously told Pobjeda that he had purchased shares on the stock exchange from a group of shareholders who held about two percent of the shares, based on whose proxies they had previously had two of the five members on the Board. The shareholders sold their shares for 58 euros each, and there have been no transactions of the Institute’s shares on Montenegro Stock Exchange in recent days. As Rakčević previously stated, his company’s stake in the Institute has increased to approximately 29 percent.
