Reuters: Bankruptcy News: Critical Praktiker investors have upper hand at AGM

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Critical Praktiker investors have upper hand at AGM Jul 4th 2012, 10:43 HAMBURG, July 4 | Wed Jul 4, 2012 6:43am EDT HAMBURG, July 4 (Reuters) - Struggling German DIY chain Praktiker reported that 26.90 percent of its voting capital was present at its shareholder meeting on Wednesday, giving shareholders critical of the company's management the upper hand. Fund manager Isabella de Krassny, representing major shareholders Maseltov and Semper Constantia at the meeting, said she would be able to vote 16 percent of Praktiker shares. The company is seeking shareholder permission to raise up to 60 million euros ($75.6 million) in a capital increase and accept an 85 million euro loan from U.S. investor Anchorage. In exchange, Anchorage would gain options for 15 percent of Praktiker shares, a plan that Krassny has criticised. ($1 = 0.7933 euros) (Reporting by Jan Schwartz; Writing by Jonathan Gould)

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