Rhône Média shareholders reject 2007 financial statements
The shareholders of the Valais publishing house Rhône Média rejected the 2007 annual accounts on Wednesday. The eclat occurred due to tensions between two shareholder groups. The annual result was excellent.
The shareholders of the Valais publishing house Rhône Média rejected the 2007 annual accounts in Sion on Wednesday. However, the eclat at the publisher of the daily newspaper Le Nouvelliste was caused by tensions between two groups of shareholders, not because of poor financial results. When asked by SDA, Chairman of the Board Hildebrand de Riedmatten even described the annual result as excellent. The tensions among the shareholders have been going on for several years now (see:
). The reason for this appears to be the shareholders' agreement, according to which BoD proposals can only be approved if two thirds of the shareholders agree. As both groups each hold more than a third of the voting rights, they can block any decision.BoD Chairman De Riedmatten now wants to discuss the next steps in the BoD. A new AGM is ruled out, as no other decision can be expected at present. He hopes to be able to resolve the dispute within twelve months, particularly because it is damaging the company's image. If no solution emerges, the BoD will have to take the matter to court. You can't run a company without approved annual accounts.
The Rhône Média Group generated a profit of CHF 1.5 million in the last financial year. At CHF 4.5 million, cash flow was CHF 500,000 above budget. Turnover amounted to 38 million francs. According to de Riedmatten, the company is on a sound footing.
