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"Slobodna Dalmacija" shareholders adopt decision of newspaper's financial restructuring

SPLIT, Aug 8 (Hina) - The shareholders of Slobodna Dalmacija daily onMonday held a meeting at which they adopted a decision under which the"Europa press holding" (EPH) publishing company will pay 83.5 millionkuna in the next 30 days for the financial restructuring of theSplit-based daily.
SPLIT, Aug 8 (Hina) - The shareholders of Slobodna Dalmacija daily on Monday held a meeting at which they adopted a decision under which the "Europa press holding" (EPH) publishing company will pay 83.5 million kuna in the next 30 days for the financial restructuring of the Split-based daily.

The shareholders also appointed a new supervisory board of the daily.

Croatian Privatisation Fund (HFP) vice-president Josip Matanovic told reporters after the meeting the decision marked the end of the first privatisation stage.

By the end of August the EPH and the HFP will sign an agreement on the purchase of shares which will make the EPH the holder of a 70 percent stock in Slobodna Dalmacija.

The EPH will pay 24 million kuna for the shares and the HFP will sign contracts with 2,000 former and current employees, who have the right to 25 percent of shares, to be granted free of charge.

The EPH is then expected to announce the takeover and offer small shareholders the purchase of their shares under the same conditions it bought them from the HFP, Matanovic said.

He added that the EPH was expected to complete the takeover until mid-September at the latest.

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