OTE GM something of a thriller

OTE telecom shareholders had to overcome several obstacles yesterday to hold their extraordinary general meeting that approved the amendment of its charter transferring management to Deutsche Telekom. Although unionists dispute the legality of the meeting, OTE said in a statement issued yesterday that the meeting had been conducted according to the invitation published, the law and the corporation’s charter. The shareholders attending represented 50 percent of share capital, with some representing both the Greek state and Deutsche Telekom. However OTE did not clarify when or where the general meeting took place. OTE telecom had booked a room for the meeting in a central hotel, but the latter informed the corporation that it had no room available, probably fearing the reaction of unionists. Unionists who had gathered outside the hotel did not see any of the shareholders or their representatives, but the meeting is believed to have taken place in one of the suites. The OTE statement suggests that the meeting focused only on the charter’s amendment, not on any of the other items on the agenda, such as the appointment of new board members, the appointment of an auditing committee and the amendment to a previous decision on a share buyback. However, it was announced that Leonidas Korres had been elected to the board, replacing Nikos Stephanou, who resigned last June.

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