"This decision does not address the questions the shareholders have at all," says Erik Bomans of Deminor. He explains that what the shareholders want is more transparency regarding the decisions that were made and they want the board to call a general meeting.
Deminor says that the investors have incurred damages of an estimated €5 billion to 6 billion from the fall in Fortis' share price following the capital hike.
Fortis, Belgium's biggest banking and financial services group, is among a consortium of three banks which took over the Amsterdam based ABN-AMRO Bank. Fortis teamed up with the Royal Bank of Scotland and Spain's Banco Santander to put forward a €71 million bid for ABN-AMRO. Fortis had to fork out €24 billion, cash.
Fortis, Belgium's biggest banking and financial services group, is among a consortium of three banks which took over the Amsterdam based ABN-AMRO Bank. Fortis teamed up with the Royal Bank of Scotland and Spain's Banco Santander to put forward a €71 million bid for ABN-AMRO. Fortis had to fork out €24 billion, cash.
Deminor said that while it is in talks with large institutional shareholders to help push for an Extraordinary General Meeting (EGM) at Fortis to explain recent behaviour, it does not intend to file a damages lawsuit at the moment.
Deminor realises that the shareholders would benefit more from a recovery in its share price.
Deminor and the Belgian consumer rights watchdog Test-Aankoop have been pushing for an EGM, where a vote of confidence over Fortis' board of management can be held. Deminor says that changes in the company's corporate structure are also necessary.
At the moment Deminor is getting as many private, but also large institutional shareholders (such as fund managers, pension funds and holding companies), together as possible to push for action.
The Dutch shareholders group VEB also expects Fortis to answer questions about its June capital hike. The Dutch group says it may start legal action if information is not forth-coming.
Deminor realises that the shareholders would benefit more from a recovery in its share price.
Deminor and the Belgian consumer rights watchdog Test-Aankoop have been pushing for an EGM, where a vote of confidence over Fortis' board of management can be held. Deminor says that changes in the company's corporate structure are also necessary.
At the moment Deminor is getting as many private, but also large institutional shareholders (such as fund managers, pension funds and holding companies), together as possible to push for action.
The Dutch shareholders group VEB also expects Fortis to answer questions about its June capital hike. The Dutch group says it may start legal action if information is not forth-coming.
