Yesterday’s regular general meeting of Elastron was marked by heated exchanges and tension, reflecting the rift between the company’s management and Kamelia Holdings and Kalysta Holdings, which each hold a 6.31% stake.
It should be noted that Nikolaos Sakellariou has transferred his shares to Kamelia Holdings, and Christos Sakellariou has transferred his shares to Kalysta Holdings.
The two shareholder companies had raised a number of issues for discussion, requesting, among other things, audits of the customs warehouse, an audit of the 2025 annual inventory, a review of the company’s contracts with its executives or companies controlled by them, as well as a management audit for the last two fiscal years by an independent auditor.
Unexpected Turn of Events and Postponement
The general meeting was chaired by attorney Nikos Mousas, at the request of the company’s chairman, Panagiotis Simos-Kaldis, while Vasilis Manesis, the Group’s Chief Financial Officer and Head of Investor Relations.
Kamelia Holdings and Kalysta Holdings, through their legal representatives, posed a series of questions to management, with the discussion at times taking place in a tense atmosphere. Following the statements and exchange of arguments, the general meeting proceeded to vote on the items on the agenda.
However, in a surprise move, the minority requested a postponement of the vote on the first and second items, which concern the approval of the company’s and consolidated financial statements for fiscal year 2025 and the appropriation of profits for that same fiscal year. The request was granted, and the vote on these two specific items was postponed to Thursday, July 16.
The remaining items put to a vote were approved by a majority, with Kamelia Holdings and Kalysta Holdings voting against them. The exception was the seventh item, concerning the election of an auditing firm for the 2026 fiscal year, on which the two companies abstained.
The situation was reversed on the 14th item, which essentially concerned the requests made by Kamelia Holdings and Kalysta Holdings. The minority’s proposals were not approved, as they were voted down by the majority, while they were voted in favor of by the two companies, which together hold 12.62% of the share capital.
Election of a New Board of Directors
The election of a new Board of Directors was also a key focus. The minority had proposed the election of Georgios Valetta, Nikitas Glykas, and Nikolaos Simos as new members of the Board. However, the nominations were not accepted, and, as mentioned, Mr. Nikolaos Simos did not accept the proposal concerning his candidacy.
The general assembly elected a new 12-member Board of Directors, comprising Andreas Kalpinis, Panagiotis Simos-Kaldis, Athanasios Kalpinis, Vasileios Manesis, Anastasios Binioris, Domniki Natalia Simos-Kaldis, Elvira Kalpini, and Georgia Sarma. Nikolaos Georgiadis, Smaragdi Athanasakou, Eleni Gianniri, and Zissimos Daniel Mantas were elected as independent members.
Next Meeting on July 16
The next round of the debate has now been rescheduled for July 16, when the proceedings on the two postponed items are expected to continue.
In terms of financial performance, the ELASTRON Group closed out 2025 with revenue of 167.6 million euros, down 5%, but with a strong improvement in operating profitability, as EBITDA rose 78% to 12.6 million euros.
Pre-tax profits stood at 6.8 million euros, and management has expressed cautious optimism about the future, despite uncertainties in the steel market.