(AOF) – Akkadian Partners, new shareholder of Erytech and opponent of the merger of biotech with the company Pherecydes, denounces in a press release published today a “characterised abuse of powers” by the management of Erytech “with the active complicity of a group of shareholders of Pherecydes”. The abuse of powers concerns the allocation of new Erytech shares to a group of Pherecydes shareholders. Akkadian also denounces the will of the directors of Erytech to obtain the appointment of an ad hoc agent.
The objective was, according to Akkadian, to allow this group of shareholders of Pherecydes, contributors, to hold new Erytech shares and, consequently, voting rights to “vote at a general meeting in favor of the merger”.
“The new shares issued for the benefit of the contributors do not, in reality, remunerate absolutely any contribution, since the Pherecydes shares, the subject of the said contribution, are condemned to disappear on June 23, 2023 following the merger between the two companies”, underlines the funds.
The managers of Erytech, with the complicity of this group of shareholders, “abuse their powers within the meaning of article L. 242-paragraph 4 of the Commercial Code to the detriment of the free exercise of the vote of the shareholders of Erytech expected on June 23, 2023”. These leaders would be convinced that the ‘small shareholders’ “will understand neither the meaning nor the object of these fraudulent manipulations of company law”.
Akkadian also asserts that the appointment of an ad hoc representative responsible for ensuring a quorum on June 23, 2023 only makes sense once it is established that the general meeting has not succeeded in holding such a quorum, on the 1st call as on the 2nd call and that, at the very least, the survival of the Erytech company would be at stake.
Akkadian Partners reminds the managers of Erytech that their shareholders are free, on the 1st call as on the 2nd second call of their meeting, to express or not a quorum without there being an ad hoc agent to replace them. . At previous general meetings, Erytech “has never had the slightest difficulty in bringing together a quorum” notes the fund.
This “appropriation by the managers of Erytech of the voting rights of their shareholders as well as the free constitution of a quorum”, testifies to the “contempt” of the managers for these shareholders “summoned to accept the Erytech/Pherecydes merger at a parity 1 to 1 while the first has under management more than 30 million euros and the second is in potential bankruptcy and awaits the merger to ensure its continuity”.
The fund also denounces the decision to draw on Erytech’s reserves, more than 1.2 million euros in legal fees to “entrust their advisers with the task of wrapping in a legal box with a legal appearance” a “pure and simple fraud” and a “characteristic abuse of power”.