TA ADVISORY FZ LLC

TA Advisory FZ LLC: Saif Alketbi Promises to Resist Further Attempts by Fortenova Management to Unfairly Sell Company Assets – and Offers a Solution

Retrieved on:

Wednesday, June 28, 2023

Mr Alketbi, Fortenova’s largest shareholder, is closely monitoring Fortenova management's next moves, together with his legal team.

Key Points:

Mr Alketbi, Fortenova’s largest shareholder, is closely monitoring Fortenova management's next moves, together with his legal team.
In a letter to international investment bank Lazard on 16 June 2023, Mr Alketbi declared a significant interest in acquiring Fortenova Group MidCo.
This is an onerous debt burden, and attempts by Fortenova Group’s management to blame this on the company's ownership structure are at odds with reality.
Mr Alketbi is advised by lawyers TA Advisory in Dubai, as well as legal counsel in other jurisdictions.

Retrieved on:

Wednesday, June 21, 2023

Saif Jaffair Markhan Alketbi expressed his strong interest in acquiring Fortenova Group MidCo.

Key Points:

Saif Jaffair Markhan Alketbi expressed his strong interest in acquiring Fortenova Group MidCo.
Lazard has been previously engaged by Fortenova Grupa d.d., the Croatian operational company of the Group, to support the process for examining interest by potential investors for purchase of Fortenova Group MidCo B.V., one of the Dutch companies through which Fortenova Grupa is held.
As I expressed in my letter to Lazard on June 16, I am strongly interested in acquiring Fortenova Group MidCo.
Given the circumstances, I am keen to help the company come to the ‘alternative solution’ that it has itself requested.”
Mr Alketbi indirectly owns 43.41 percent in Fortenova Group.

Retrieved on:

Friday, June 16, 2023

Mr Alketbi is advised by lawyers TA Advisory in Dubai, as well as legal counsel in other jurisdictions.

Key Points:

Mr Alketbi is advised by lawyers TA Advisory in Dubai, as well as legal counsel in other jurisdictions.
In April this year, Fortenova and its management (including people related to Open Pass) started an unnecessary distressed sale process of the entire business.
It is against this rigged background that Open Pass can now portray itself as a White Knight, supposedly saving the company.
In fact, the situation has been engineered, with management’s help, to enable Open Pass ultimately to gain absolute voting and ownership control over Fortenova on the cheap.

Retrieved on:

Monday, January 9, 2023

On January 3, 2023, Fortenova called a meeting of Fortenova’s depositary receipts holders, scheduled for January 12.

Key Points:

On January 3, 2023, Fortenova called a meeting of Fortenova’s depositary receipts holders, scheduled for January 12.
This seeks to block the proposed changes and to commence an investigation of Fortenova management’s conduct.
Mr Alketbi is also calling on other depositary receipt holders in Fortenova to protect their own rights in Fortenova.
Mr Alketbi is advised by lawyers TA Advisory in Dubai, as well as legal counsel in other jurisdictions.