Swiss department store group Jelmoli has postponed the Extraordinary Shareholders Meeting which was to vote next week on a plan to split its business into separate listed real estate and investment units. The firm's board said the postponement was necessary because the finalisation of the refinancing arrangements for Jelmoli's debt facility was taking longer than anticipated due to the worsening financial climate.
Swiss department store group Jelmoli has postponed the Extraordinary Shareholders Meeting which was to vote next week on a plan to split its business into separate listed real estate and investment units. The firm's board said the postponement was necessary because the finalisation of the refinancing arrangements for Jelmoli's debt facility was taking longer than anticipated due to the worsening financial climate.
'The board of directors considers it to be in the best interest of the company and its shareholders to finalise the negotiations with the debt providers before the shareholders are asked to vote on the strategic plan,' Jelmoli said in a statement.
A new date for the EGM will be announced at a later date.
