July 13, 2020 / 3:32 PM / a month ago

ENKRAFT holds 3.47% in Germany's Energiekontor: filing

FRANKFURT (Reuters) - Energy activist fund ENKRAFT has taken a 3.47% stake in German wind and solar park developer Energiekontor (EKTG.DE), the group said in a filing on Monday.

The disclosure comes less than a week after ENKRAFT piled more pressure on management to change strategy and governance in a letter seen by Reuters.

The investor first said in May it had taken a stake, but did not specify how large its holding was. Under German capital market rules, investors have to disclose holdings if these surpass the 3% and 5% thresholds.

ENKRAFT’s criticism has been aimed at Energiekontor’s three-member supervisory board, which includes the group’s two co-founders who together hold more than 51% of the company, effectively giving them full control over it.

Reporting by Christoph Steitz; Editing by Edward Taylor

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