DUF Blago: We cannot trade shares off-exchange

In response to the reaction of the company GS TMT d.o.o. Travnik, where the fund management company Blago d.o.o. Sarajevo was directly mentioned, we hereby wish to distance ourselves from the claims made therein, and to present certain facts related to the case of the transformation of the joint-stock company into a limited liability company GS TMT Travnik, according to the reaction of the fund management company Blago.

- It is a fact, confirmed by the expert finding mentioned in the statement, that an attempt was made to fix the share purchase price through fictitious off-exchange transactions between related parties - two German companies with identical ownership structure (100% ownership by the Kopruner family).

GS-TMT Management: All shareholders were informed in a timely manner about the change in the company's form

The fund was not in a position to "do anything with its shares" because they have not been listed on the stock market since 2011, nor was it possible to list them due to the failure to submit financial reports to the Sarajevo Stock Exchange. The fund legally cannot trade shares off-exchange, as Kopruner did.

The Fund's representative on the Supervisory Board did not support the transformation decision, but the decision was adopted by the votes of the other two members of the Supervisory Board.

Representatives of DUF Blago have repeatedly expressed their readiness for compromise and finding solutions, but it was evident that the management of GS TMT refused to offer a price consistent with the real value of the company. According to the financial reports for 2016, GS-TMT's assets amount to approximately 22 million KM, and their offer to purchase the Fund's 12.684% stake was 150 thousand KM.

Kopruner's decision to gift shares to employees is commendable, but it would then be logical to gift shares owned by them, instead of manipulatively harming more than eight thousand shareholders of the Fund.

Finally, we are surprised by such actions of a person who is very influential in the Association of Employers of FBiH, and who herself often warns about the unfavorable business environment, which in this case she further exacerbates with her actions - the reaction states.