Vladimir Timerman has tried, unsuccessfully, to disrupt the management of publicly traded companies, while seeking to freeze investor resources
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By Cláudio Magnavita, director of Correio da Manhã – After the failed attempt to postpone for 15 days, by the Securities and Exchange Commission (CVM), Esh Capital faced another significant defeat at the Extraordinary General Assembly (AGE) of Terra Santa, which took place this Wednesday morning (31). Shareholders rejected, by a large majority, all the requests made by the manager led by Vladimir Timerman. The fund’s situation becomes more complicated with each defeat, both at the CVM and at the EGMs it calls, to consolidate its proposal to take control of the companies, even though it is a minority, seeking to remove the majority shareholders.
On February 7th, Gafisa (GFSA3) will hold a General Meeting at the request of Esh Capital itself, which has already filed a new request for an EGM. This movement is interpreted by the market as an attempt to maintain its investor base until February 20th, when they will be subject to the new redemption period, increased to 720 days, an increase of 4,000%. The defeat at the EGM of Terra Santa (LAND3) and the new request to Gafisa appear to be synchronized, presenting a new argument to avoid the mass exit of investors who bet on a strategy that was successful only once.
At the Holy Land Assembly, after due clarification on the topics on the agenda, all proposals from Esh Theta Master Multimarket Investment Fund were put to a vote and rejected. The articles dealt with the characterization of a material conflict involving Silvio Tini de Araújo and his vehicles, as well as the suspension of the political rights of shareholders Bonsucex Holding SA and Silvio Tini de Araújo, due to non-compliance with the obligations imposed by the CAM B3 regulations.
The Terra Santa EGM had a high quorum of 85.5% of the company’s share capital. At the same time, as stipulated by the Company’s Bylaws, elections were held for the presidency and secretariat.
CONTINUES AFTER RECOMMENDATIONS
Esh Capital, by calling a new Gafisa EGM, seeks to avoid further losses to investors in its investment fund, trying to convince them to keep their resources until February 20th, when redemptions can only be made after 720 days.
The request for the new Assembly signals to large investors that Esh Capital itself does not trust the theses it initially used and is trying to prevent a flight from more cautious investors, who do not wish to leave their capital tied up for 720 days amid legal disputes and potential problems. cool.