Diegem 17/04/2020 - RSQ Investors, a division of Quanteus Group focusing on investments with a substantial upwards potential resulting from restructuring or special situations, increased its stake in Nyrstar NV/SA to 7.8%, together with related parties, and thereby crosses the notification threshold of 7.5%.
Kris Vansanten, Managing Partner: “We used the past weeks to complete our homework, together with our experts and advisors. We now have a strong case that confirms and even reinforces our previous findings. The conclusion is clear: if Trafigura would have engaged in the role of the responsible reference shareholder they always pretended to be, the restructuring of Nyrstar whereby the minority shareholders were left empty-handed could have been avoided. The minority shareholders were thus effectively and unfairly expropriated. We have informed the parties involved of our findings through notice of default letters, and we are awaiting their reactions in anticipation of further steps to be taken in the litigation process we initiated.”
“We are, more than ever, convinced that our battle for compensation of the damages suffered by Nyrstar and its minority shareholders is justified, not only in the interest of the company and its shareholders, but also of the Belgian economy, and -through the protection of our economic heritage- of the public interest.”
“The disastrous impact of the Covid-19 virus on our economy demonstrates that our society has to fundamentally rethink itself. In the post-corona era, there is no room left for vulture capitalism, that only focuses on profit maximisation for a limited number of reference shareholders to the expense of all the other stakeholders. During the past decade, despite the lessons that could have been learned from the financial crisis, the limitless greed resulting from such capitalism led many companies to take excessive debt on their balance sheets, implement irresponsible and border-limit just-in-time processes, cut back supply lines to exceedingly concentrated geographies and excessively squeeze margins with suppliers – all the result of extreme win-lose thinking. We now see the consequences thereof, with companies bankrupting or threatening to collapse in big numbers. It is urgent to give a clear signal that this can no longer be accepted, and that time has come for more societal responsibility taking, also, and especially, by large multinationals.
The recent judgment by the Amsterdam Court, as a result of which Trafigura will have to defend itself in a mass claim for its dubious role in a case in Ivory Coast where the dumping of toxic waste transported by a Trafigura-chartered vessel led to many victims, gives a very hopeful and promising sign that our society increasingly opts for a different kind of capitalism, one that we embrace wholeheartedly: a conscious capitalism, that focuses on sustainability, engagement and win-win thinking besides profit only.”
Evelyne van Wassenhove, Partner: “During the past weeks a number of duped minority shareholders have spontaneously joined us to support our case. Like us, they are indignant about how a Belgian industrial crown jewel, with a worldwide leadership position in its sector, could be seized by a foreign corporate raider, in a questionable way and supported by a series of top lawyers and expert advisors, at a time when all lights turned green for the future of the company. Also, thanks to them we were able to reinforce our position as the second largest shareholder of Nyrstar, next to Trafigura. We welcome them wholeheartedly and feel strengthened in our action by their support.”