|Agrenco has no balance sheet, but plenty of investors|
On October 30, Agrenco, an agribusiness services provider, will for the third time call its shareholders together to approve the financial statements for fiscal year 2008. Prior attempts were made on April 30 and July 30. The company has been under judicial recovery since last year, and it has been facing difficulties in consolidating its subsidiaries' results in other countries, since it hasn't reached an agreement on the fees to be paid to independent auditors. Nonetheless, it has once again called a meeting, in the hope that it will solve this problem in time. "Postponing the approval of statements yet again is not out of the question", says Marco Antonio de Modesti, Agrenco's CFO.
Without financial information to show the market, Agrenco has been in a curious situation. For about a year now, over half the company's free float has been in the hands of individual investors. Fearful of the company's financial troubles, institutional investors sold their shares en masse, making way for local investors to buy up, sometimes for pennies, shares that made their debut in 2007 at more than R$ 10 apiece. It‘s important to remember that Agrenco's last quarterly report was on the first three months of 2008. Since then, the only public information on the company are its judicial recovery plan, the bankruptcy court files, and material information releases.