NAP Nyrt. Faces Shareholder Battle Amid Controversy
Intense competition emerges between Matolcsy Adam's circle and various investor factions over control of the solar energy company.
On May 30, a significant confrontation is anticipated regarding the governance of NAP Nyrt., a publicly listed solar energy firm in Hungary that has recently come under scrutiny in connection with an incident involving the Hungarian National Bank (MNB).
The conflict has emerged between a coalition led by Matolcsy Adam and a group of investors seeking to reclaim control of the company.
The backdrop of this struggle hearkens back to previous shareholder disputes witnessed on the Budapest Stock Exchange, involving firms such as Mol, TVK, and others, where intense legal battles often ensued, drawing in security forces and legal representatives.
The current situation with NAP Nyrt.
showcases a similar volatility with the potential for dramatic developments as shareholders prepare for imminent meetings.
During the latest annual general meeting, Norbert Zavadszky, a newly graduated lawyer, was elected to the board of directors and subsequently named as chairman.
Zavadszky declared his professional acquaintance with Matolcsy Adam and has expressed confidence in his ability to fulfill the role.
However, many existing shareholders are reportedly concerned about the rapid decline in value of publicly traded companies associated with Matolcsy's circle and are advocating for a return to the original management.
Four primary shareholder factions have emerged:
GTC Origine Investments Zrt.: As the largest single shareholder with approximately 15.5% ownership, it is connected to the Polish GTC Group, which is notably linked to MNB's foundations.
Matolcsy’s network: Comprising friends and affiliates of Matolcsy Adam, possessing around 33% of shares.
Original founders: Including figures such as Gábor Földvári, Pál Skamla, and Julius Telc, accounting for nearly 30%.
Minor shareholders: Individuals with small holdings, including notable figures like former finance minister Csaba László and former NAP president László Vadas, collectively representing about 7-8%.
The structure suggests a polarized environment where Matolcsy's faction has unsettled both founding members and larger minority shareholders.
The pivotal question remains whether GTC will align with Matolcsy's interests or support the newly appointed leadership under Varga Mihály and Gábor Gion, both of whom have expressed an interest in diminishing Matolcsy's economic power.
Founded on September 9, 2020, NAP Nyrt.
was established by Gábor Földvári and László Vadas with the intent to enter the solar energy market.
They aimed to create a company receptive to smaller investments, thereby enabling participants to leverage Hungary's favorable state-backed tariff systems.
The firm initially acquired 15 megawatts of solar power capacity in Zala County, with subsequent expansions across various locations.
Recently, NAP Nyrt.
reported a profit of 1 billion forints on a turnover of 2.5 billion forints and has a market value of 10 billion forints.
Proposed dividends amounting to 800 million forints are in consideration.
The situation catalyzed significant interest when Matolcsy’s faction began accumulating shares, leading to a call for an extraordinary general meeting aimed at appointing new board members.
Tensions have since flared as existing board members, expressing apprehension about Matolcsy's influence, resigned.
Zavadszky's nomination to leadership sparked concerns over governance and investor confidence.
As part of the ongoing tension, several extraordinary general meetings have been scheduled, with recent attempts marred by technical issues that raise questions about the current management’s capacity to lead the company.
On May 19, a planned extraordinary meeting was canceled due to procedural irregularities.
The upcoming meeting on May 30 is critical as it may result in a definitive shift in control, with the potential for significant changes to the board and overall governance structure.
Shareholders remain divided, with Matolcsy's allies firmly supporting Zavadszky's position against mounting opposition from other investment groups.
The various factions appear unable to cooperate, leading to an inevitable showdown for the firm’s future direction.
The conflict has emerged between a coalition led by Matolcsy Adam and a group of investors seeking to reclaim control of the company.
The backdrop of this struggle hearkens back to previous shareholder disputes witnessed on the Budapest Stock Exchange, involving firms such as Mol, TVK, and others, where intense legal battles often ensued, drawing in security forces and legal representatives.
The current situation with NAP Nyrt.
showcases a similar volatility with the potential for dramatic developments as shareholders prepare for imminent meetings.
During the latest annual general meeting, Norbert Zavadszky, a newly graduated lawyer, was elected to the board of directors and subsequently named as chairman.
Zavadszky declared his professional acquaintance with Matolcsy Adam and has expressed confidence in his ability to fulfill the role.
However, many existing shareholders are reportedly concerned about the rapid decline in value of publicly traded companies associated with Matolcsy's circle and are advocating for a return to the original management.
Four primary shareholder factions have emerged:
GTC Origine Investments Zrt.: As the largest single shareholder with approximately 15.5% ownership, it is connected to the Polish GTC Group, which is notably linked to MNB's foundations.
Matolcsy’s network: Comprising friends and affiliates of Matolcsy Adam, possessing around 33% of shares.
Original founders: Including figures such as Gábor Földvári, Pál Skamla, and Julius Telc, accounting for nearly 30%.
Minor shareholders: Individuals with small holdings, including notable figures like former finance minister Csaba László and former NAP president László Vadas, collectively representing about 7-8%.
The structure suggests a polarized environment where Matolcsy's faction has unsettled both founding members and larger minority shareholders.
The pivotal question remains whether GTC will align with Matolcsy's interests or support the newly appointed leadership under Varga Mihály and Gábor Gion, both of whom have expressed an interest in diminishing Matolcsy's economic power.
Founded on September 9, 2020, NAP Nyrt.
was established by Gábor Földvári and László Vadas with the intent to enter the solar energy market.
They aimed to create a company receptive to smaller investments, thereby enabling participants to leverage Hungary's favorable state-backed tariff systems.
The firm initially acquired 15 megawatts of solar power capacity in Zala County, with subsequent expansions across various locations.
Recently, NAP Nyrt.
reported a profit of 1 billion forints on a turnover of 2.5 billion forints and has a market value of 10 billion forints.
Proposed dividends amounting to 800 million forints are in consideration.
The situation catalyzed significant interest when Matolcsy’s faction began accumulating shares, leading to a call for an extraordinary general meeting aimed at appointing new board members.
Tensions have since flared as existing board members, expressing apprehension about Matolcsy's influence, resigned.
Zavadszky's nomination to leadership sparked concerns over governance and investor confidence.
As part of the ongoing tension, several extraordinary general meetings have been scheduled, with recent attempts marred by technical issues that raise questions about the current management’s capacity to lead the company.
On May 19, a planned extraordinary meeting was canceled due to procedural irregularities.
The upcoming meeting on May 30 is critical as it may result in a definitive shift in control, with the potential for significant changes to the board and overall governance structure.
Shareholders remain divided, with Matolcsy's allies firmly supporting Zavadszky's position against mounting opposition from other investment groups.
The various factions appear unable to cooperate, leading to an inevitable showdown for the firm’s future direction.
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