Alpiq Knight Vinke Shareholder Still Opposes Merger
news-single-imgcaption” style=”width:240px;”>Knight Vinke says he holds between 1 and 3% of Alpiq’s share capital (Keystone)
Despite the green light from Alpiq shareholders to the merger of the Valdo-Solothurn energy supplier with the company Alpha 2020, Knight Vinke still does not want to hear about this marriage. The investment fund now intends to take legal action, said its managing director Erik Knight in an interview published Wednesday in the biweekly Finance and economy.
“Yes, we are going to file a complaint against Alpiq,” confirmed Mr. Knight, adding that lawyers have been mandated for this purpose, the deadline for opposing the green light for the general assembly on June 24 being two months. . In the meantime, “other shareholders with whom we will act in common should contact us,” added the head of the investment fund.
In Knight’s opinion, Knight Vinke, who says he holds between 1 and 3% of Alpiq’s share capital, could benefit from the support of almost 100% of minority shareholders. In fact, the investment fund opposes the compensation of 70 francs per share reserved for the latter in the context of the merger between the Valdo-Soleur group and Alpha 2020, judging that this amount does not reflect the true value of the company.
Alpiq’s hydroelectric power stations are the most important assets, and the value of these strategic facilities for Switzerland is almost unknown, says Knight. As an alternative, the fund he heads proposes to the Alpiq board of directors to list the company’s Swiss affairs on the stock exchange.
“Listed on the stock market, Alpiq Switzerland would be very attractive to investors,” says Knight. Its shares could then trade at a level twice that of the carrying value of the company, he estimates.
A proposal that the board of directors did not want to follow, regrets Mr. Knight. And to conclude that the directors of Alpiq “have no ambition for Switzerland and Alpiq”. (AWP)