Exhibit 99.10
HOCHE PARTNERS PHARMA HOLDING S.A.
| 58, rue Charles Martel | |
| L-2134 Luxembourg |
To:
Procaps Group, S.A. - Board of Directors
9, rue De Bitbourg
L-1273 Luxembourg
Grand Duchy of Luxembourg
(the Company or Procaps)
With a copy to its statutory auditor
Mr. Carlos Piocuda
78 B 201, Calle 80
080001, Barranquilla, Colombie
February 12, 2024
Dear Sirs:
We are in receipt of the Minutes of the General Meeting of Shareholders (“General Meeting”) of Procaps Group, S.A. (the “Company”) held on January 22, 2024. For the first resolution, i.e., revocation of the board of directors of the Company (the “Board”) with effect as of the date of the General Meeting of Shareholders of the Company, we have determined that approximately 66.22% of the 68.55% of the votes AGAINST revocation of the Board were cast by the Minski family’s voting bloc.
22.11% voted FOR the resolution to revoke the Board. This significant number of votes came from shareholders who are not part of the Minski family’s voting bloc, including Hoche. Additionally, 9.33% of the shareholders, also unrelated to the Minski family, ABSTAINED. Only the Minksi voting bloc voted against revoking the Board. The results are indicative of the Minski family’s continued hold over the Company, which is consistent with our position of non-alignment of the Company’s existing Board with the interests of the public stockholders other than the Minski family.
Hoche and the other shareholders are concerned about the waning corporate governance standards and long-term financial capabilities of the Company. Based on these voting results, it appears obvious that the Board no longer has the trust and support of the shareholders unaffiliated with the Minski family.
We continue to believe that if the Board is replaced by professional and independent directors, we believe the Company could create long-term value for all its shareholders.
2
We request that a copy of this letter be shared with all other shareholders.
Sincerely,
| hoche partners pharma holding s.a. | ||
| By: | /s/ Roman Sokolowski | |
| Name: Roman Sokolowski | ||
| Title: Director | ||
| Stonehage Fleming Corporate Service Luxembourg S.A., Director | ||
| By: | /s/ Peter Egan | |
| Name: Peter Egan | ||
| Title: Director | ||
| By: | /s/ Ariane Vansimpsen | |
| Name: Ariane Vansimpsen | ||
| Title: Director | ||
cc: Mr. Patricio Vargas CFO
