Proodeftiki’s new management is seeking to lay the groundwork for the listed company’s next chapter, with the aim of improving its financial position, addressing issues linked to the suspension of trading in its shares and attracting a strategic investor.
At the recent annual general meeting, which had a quorum of 33.7%, the new chairman of the board, Antonis Paspatis, set out his intentions, stressing that the main goal was to protect shareholders’ assets.
The Stock Exchange’s “bride” and the strategic investor
Particular interest centred on his remarks about the value of the company’s stock market presence, which he likened to a “bride” who must become more attractive in order to attract the right “groom”.
“The company has value, and it has value because it is listed on the Stock Exchange,” Mr Paspatis said, explaining that the new management wanted to make use of its listed status to attract an investor.
“We want to make this bride more beautiful, to make her more attractive,” he said, adding that the aim was to find the best possible “groom”, preferably one with the strongest financial means.
The main pillars of the plan are a share capital increase and the search for a strategic investor, either through a partnership or another business arrangement.
The chairman acknowledged that Proodeftiki currently lacks the infrastructure to develop business activities independently, particularly in construction, the sector with which it has historically been associated.
Management is therefore focused on creating the conditions for a new business partner to come on board and make use of the company’s presence on the Stock Exchange.
According to company sources who spoke to Euro2day.gr, the plans initially include a measured share capital increase for existing shareholders, to secure the liquidity needed to run the company and take the next steps while a strategic investor is sought.
Meeting with the Capital Market Commission
Another important development is a meeting scheduled between the new management and the Hellenic Capital Market Commission next Wednesday, 14 October, to discuss the suspension of trading in the shares.
Company sources say the suspension was linked to a period of management uncertainty before the new board was formed and, in their assessment, not to any specific financial issue.
The new management is now seeking to set in motion the necessary steps to address outstanding matters and restore the company’s normal operations.
Progress with the plan, however, depends on completing the handover and review of the company’s financial and corporate records.
Why approval of the financial statements was postponed
The handover from the previous management is one of the main obstacles facing the new board.
According to comments made at the general meeting, the new management has yet to receive the books, the full financial records, the fixed assets or even the company’s offices.
This outstanding handover was also the main reason for postponing approval of the already published financial statements for the 2025 financial year.
Mr Paspatis referred to a number of documents and items that require cross-checking or further explanation.
Company sources told Euro2day.gr that the new management cannot recommend approval of the financial statements without first confirming that the figures reflect the company’s actual financial position.
The same sources said that the already published financial statements would not be changed now that they had been published, but that the aim was to carry out a thorough review before they were put to the general meeting for approval.
If the previous management does not respond, the company will seek to gather the necessary financial records through its statutory auditor.
Particular importance is also being attached to preparing the company for due diligence by a future investor. The aim is to establish a full picture of its finances and avoid outstanding issues that could affect the company’s credibility or the completion of a potential deal.
As for the profits of around €300,000 reported for the six-month period, company sources said they were linked to the write-off of liabilities to suppliers, adding that the relevant accounting entry would be examined further.
At the same time, the new management plans, as far as possible, to strengthen the balance sheet so that Proodeftiki has a clearer financial picture before any investment move.
What the general meeting decided
The inability to complete the necessary reviews led to the postponement of discussion and decisions on most items on the agenda.
The general meeting will reconvene on 19 November, without the need for a new notice, to consider outstanding matters concerning approval of the 2025 financial statements, the remuneration report and the other reports that were not approved.
By contrast, the appointment of a regular and alternate statutory auditor for 2026 and the election of the Audit Committee members were approved.
The new Audit Committee comprises the board’s vice-chairman, Christos Lymperopoulos, and independent non-executive members Spyridon Dimas and Ioannis Letsios.
The new management must now complete the handover of the company’s records, carry out the necessary review of its financial information and set in motion the next steps in the search for a strategic investor.
Proodeftiki’s challenge is to turn the value of its presence on the Stock Exchange into a genuine business opportunity. And to find the right “groom”, as its chairman put it, the “bride” must first put its outstanding matters in order.