Yesterday's regular general meeting of Elastron was marked by high tones and tension, reflecting the rift between the company's management and the side of Kamelia Holdings and Kalysta Holdings, which each hold a 6.31% stake.
It is recalled that Nikolaos Sakellariou has assigned his shares to Kamelia Holdings and Christos Sakellariou to Kalysta Holdings.
The two shareholder companies had raised a series of issues for discussion, requesting among other things inspections of the customs warehouse, an audit of the 2025 annual inventory, review of contracts of the company with its executives or companies controlled by them, as well as a management audit for the last two fiscal years by an independent auditor.
Surprise and postponement
The general meeting was chaired by lawyer Nikos Mousas, following a request by the company's chairman Panagiotis Simos-Kaldis, while many of the answers to the questions raised were given by Vasilis Manesis, the Group's chief financial officer and head of investor relations.
The side of Kamelia Holdings and Kalysta Holdings, through its legal representatives, raised a series of questions to the management, with the discussion at several moments taking place in a tense atmosphere. After the statements and exchanges of arguments, the general meeting proceeded to vote on the items of the agenda.
However, in a surprise move, the minority side requested a postponement of the vote on the first and second items, concerning the approval of the company's and consolidated financial statements for fiscal year 2025 and the distribution of the results of the same year. The request was accepted and the vote on these two specific items was moved to Thursday, July 16.
The remaining items put to a vote were approved by majority, with the side of Kamelia Holdings and Kalysta Holdings voting against. An exception was the seventh item, concerning the election of an audit firm for fiscal year 2026, on which the two companies abstained.
The picture was different on the 14th item, which essentially concerned the requests raised by Kamelia Holdings and Kalysta Holdings. The minority's proposals were not approved, as they were voted down by the majority, while they were supported by the two companies that together hold 12.62% of the share capital.
Election of new Board of Directors
The election of a new board of directors was also at the center of attention. The minority had proposed the election of Georgios Valettas, Nikitas Glykas and Nikolaos Simos as new members of the Board. However, the candidacies were not accepted, while, as stated, Mr. Nikolaos Simos did not accept the proposal concerning his person.
The general meeting elected a new 12-member Board of Directors, which includes Andreas Kalpinis, Panagiotis Simos-Kaldis, Athanasios Kalpinis, Vasileios Manesis, Anastasios Binioris, Domniki Natalia Simou-Kaldi, Elvira Kalpini and Georgia Sarma. Nikolaos Georgiadis, Smaragdi Athanasakou, Eleni Gianniri and Zisimos Daniil Mantas were elected as independent members.
Appointment on July 16
The new round of the confrontation is now moved to July 16, when the process for the two postponed items is expected to continue.
As regards financial performance, the ELASTRON group closed 2025 with turnover of 167.6 million euros, down 5%, but with a strong improvement in operating profitability, as EBITDA increased by 78% to 12.6 million euros.
Pre-tax profits came to 6.8 million euros, while the management has appeared cautiously optimistic about what lies ahead, despite uncertainties in the steel market.