Warka’s moment of truth last Wednesday (Jan 19) turned out to be a nonevent. It seems the general assembly meeting had to be postponed for a week due to lack of a quorum. To put it another way, the chairman, who holds 60% of the stock, didn’t show up. (See my last post for more on this GA meeting that wasn’t.)
Characteristically, both the company and the stock exchange have so far left investors completely in the dark regarding the reason for the postponement. Even the new meeting date has yet to be announced. All one can do is speculate.
One obvious possibility is that the meeting could have been postponed due to some last minute disagreement between the board and a potential buyer. On the other hand, announcing and then postponing a meeting could also be part of an attempt to “produce something from nothing,” as the Chinese say. Even in the absence of any buyers, it might be useful to create an impression that negotiations were ongoing.
Or maybe there’s a perfectly mundane explanation—perhaps the chairman just got stuck in traffic. Until Warka’s moment of truth finally arrives, it’s really anybody’s guess.