Meta Management Team demands 23.7 million lei from Meta Management Trust, in court

Meta Management Team (MMT) sued Meta Estate Trust, a holding company active in the real estate sector, following the decision of the shareholders' meeting last December, which found the termination of the management contract between MMT and Meta by the unilateral will of the company, according to a report published on the website of the Bucharest Stock Exchange (BVB).

Also, MMT who paid the amount of 23.7 million lei from Meta Estate Trust, representing 30% of the company's value.

On December 7 of last year, the general meeting of Meta Estate Trust shareholders rejected the appointment of the Meta Management Team, through the permanent representative Teodor-Cristian Cartianu, as a member of the company's Board of Directors, for a four-year term, starting dated January 27, 2024.

Previously, Meta Management Team had notified the company that, in the event that it will no longer occupy a seat on the board of the real estate holding, it will invoke the provisions of the agreed clause in the management contract, concluded in March 2021. According to them, in the event of the termination of the contract before the expiration of the period contractually, the Meta Management Team can claim damages in the amount of 30% of the value of the Meta Estate Trust.

According to BVB documents, the obligation assumed in March 2021 referred to the maintenance of the management contract for a period of ten years, expiring on March 31, 2031.

According to the latest release from the stock exchange, the new Board of Directors of Meta Estate Trust, whose mandate began on January 27, 2024, has as a priority the resolution of the dispute with the Meta Management Team.

"The members of the Board of Directors received a mandate in this regard from the shareholders and are fully prepared for this approach. They will look for the best solution, which protects the shareholders' investment, and they expressed their confidence in the success of the initiated approach", the BVB report states.

According to the document, at the first meeting of the new Meta Estate Trust Council, the law firm that will represent the company was chosen; the analysis was initiated on the basis of the contract from the moment it was concluded between the Meta Management Team and the Meta Estate Trust in order to be able to identify whether it was onerous for the company and the shareholders; the exploration of management scenarios, amicably or in court, was started.

The company also announced that, in the meeting of January 30, the company Cert Master Standard was elected through its permanent representative Laurentiu Mihai Dinu, as president of Meta Estate Trust. The company's Board of Directors is composed of Ilinca von Derenthall, Dumitru-Daniel Popa, Alexandru Voicu, the company Cert Master Standard through the representative Laurentiu Mihai Dinu and Adivi Estate through the representative Adrian Vasile Viman.

For the first nine months of last year, Meta Estate Trust reported operating income of 8.4 million lei, 9% below that of the same period of the previous year, while net profit amounted to almost 7.1 million lei , with 90% more than the one related to the period January-September 2022.