ZURICH, Oct 15 (Reuters) - Aryzta’s biggest shareholder, Cobas Asset Management, on Monday called for an extraordinary general meeting to discuss what it called a better funding plan for the Swiss-Irish baker.
Aryzta’s board had called on shareholders to support its plan at the annual general meeting to raise 800 million euros ($925.4 million) in new capital to cut debt and restore growth.
“Cobas cannot defend actions that lead to such destruction of shareholder value as would occur through the highly dilutive capital increase proposed by the Aryzta’s Board of Directors,” said Cobas, which has a stake of 14.5 percent in the McDonald’s hamburger buns maker.
Cobas had said this month the planned capital increase was excessive and it would present less dilutive measures.
$1 = 0.8645 euros Reporting by John Revill and Silke Koltrowitz; Editing by Michael Shields