The General Meeting passed a resolution to request the Management Board of Kredyt Inkaso to proceed with reviewing strategic options. The resolution was put on the agenda upon the request of the majority shareholder of the Waterland fund. The General Meeting also approved the Company’s financial statements for 2021/22 and appointed members of the Supervisory Board.
The General Meeting of Shareholders of Kredyt Inkaso, held in Warsaw on 30 September 2022, passed a resolution calling on the Company’s Management Board to review strategic options. This resolution, together with the discussion on the situation in the shareholder structure, was put on the agenda upon the request of the Waterland Fund, which is the majority shareholder with 61% of shares The Fund’s request to add this point to the agenda of the General Meeting was substantiated by the fact that BEST, a minority shareholder with 33 percent of Kredyt Inkaso shares, had been conducting activities for a long time which had not been undertaken in the interest of the Company, yet aimed at its destabilisation and limiting the Company’s ability to focus on the pursuit of its strategic development goals. Recently, Best adjusted the value of its investment in Kredyt Inkaso three times (from PLN 0 to PLN 17.3 million), and its president publicly declared in the media his/her willingness to sell the shares held.
During the discussion, the majority shareholder also informed that its purchase offer for PLN 62 million, submitted directly to Best, had been rejected on 13 September this year. Best assessed that its involvement in the Company “is of strategic, long-term nature”, and its investment horizon is virtually unlimited. It also expressed its faith in a possible merger of both companies in the future. The majority shareholder assessed BEST’s justification for rejecting the offer as surprising. Nor did it agree to further bilateral talks due to the course of previous discussions and the Best’s proposal to take over shares belonging to Waterland for PLN 0 in a situation where Best had valued its own twice smaller shareholding at about PLN 100 million.
“In the current situation, the process of reviewing strategic options with the involvement of professional advisors is a solution that may contribute to the development of a scenario that will be optimal for Kredyt Inkaso. It is gratifying that both parties can see the need to change the current situation and are unanimously in favour of reviewing strategic options. The Management Board will endeavour to come up with the best scenario for the Company, and at the same time, linking the different interests of shareholders.” – said Maciej Szymański, President of the Management Board of Kredyt Inkaso.
The General Meeting also approved the Company’s financial statements for 2021/22, which in the case of Kredyt Inkaso ended on 31 March 2022. During this period, the Group recorded a record-breaking level of repayments, which reached the level of PLN 279 million throughout the year (an increase compared to the previous year by as much as 25 percent). This resulted in the Group generating revenues of PLN 198.1 million and making a net profit of PLN 31.5 million. Cash EBITDA amounted to PLN 162.1 million, and this is 34% better than in the same period of the previous year. High levels of collections and net revenues allowed for a substantial reduction in debt ratios and keeping them at levels much lower than the limits assumed. During the General Meeting, members of the Supervisory Board were also appointed. This body will include: Bogdan Dzudzewicz, Marcin Okoński, Daniel Dąbrowski, Karol Sowa and Raimondo Eggink.
About Kredyt Inkaso
Kredyt Inkaso was established in 2001 as a pioneer on the Polish market of debt management. Ever since, it has been constantly supporting companies and entrepreneurs in the recovery process, cooperating with banks, lenders, insurers and other entities from the consumer market. Kredyt Inkaso offers a wide range of services: from payment monitoring, through amicable collection, to court and enforcement processes.
Since 2007, Kredyt Inkaso has been present on the Warsaw Stock Exchange, and in 2018 it conducted the first public issue of bonds. In its activity, the Company follows the principle that the process of debt collection should be as easy and intelligent as possible, but first of all, it should be ethical – which is confirmed by Ethical Audit Certificates awarded annually by the Association of Financial Enterprises in Poland. The Company also pays attention to the issues related to corporate social responsibility and therefore is involved in educational or pro-social undertakings, among others.
