BOV shareholders’ meeting on Deiulemar two weeks after AGM

Bank of Valletta has confirmed its annual general meeting will be held virtually, as previously announced, but a physical meeting for shareholders in the presence of the board of directors and the executive committee will also be held.

The bank came under heavy criticism in the past two weeks after it insisted on holding a virtual AGM even after it announced it had reached a settlement of €182.5 million to settle a massive, €363 million claim by bondholders of a defunct, Italian shipping company from a town in the south of Italy.

The bank was appealing the forfeiture of a €363 million precautionary security last December, when it engaged with the curators of the bankruptcy of the Deiulemar group, to explore the possibility of a mutually satisfactory resolution to the dispute out of court.

When the settlement was announced, there were public calls for BOV to hold its AGM, scheduled for 2 June, in person, so that shareholders could question the directors and the executive committee, but the bank insisted it was too late to change its plans for the meeting.

In a company announcement issued on Monday the bank said a physical meeting will be on 15 June to give shareholders the opportunity to obtain a clear picture of the bank’s business.

“In  this  question  and  answer  session, BOV shareholders can field questions regarding recent developments concerning the Bank’s business, including the latest developments leading to the out-of-court settlement in the ‘Deiulemar’ case,” the statement read.

The bank said shareholders who want to attend the information session can register their intent by sending an email to [email protected] by not later than Friday 10 June.

AGM to be held as planned

BOV confirmed the AGM will still be held as planned in a virtual format on 2 June 2022.

“The organisation of an AGM for an institution of the size of Bank of Valletta, which is the largest locally quoted company with approximately 20,000 shareholders, requires several months of preparation and activities which, once committed to, cannot be reversed,” it said in its statement.

“This involves  not  only  the  selection  of  a  venue  that  is  suited  to  the  occasion,  but  also  the preparation,  printing  and  posting  of  official  documentation  including  the  Proxy  Form, Notices and Circulars to Shareholders in line with the statutory requirements and timings established for such an event.”