Pescanova's central headquarters in Redondela, Pontevedra. (Photo: Pescanova)

Minority shareholders' proposal not to affect Pescanova restructuring process

The alternative proposal submitted by Pescanova’s minority shareholders is compatible with creditos’ covenants and does not affect the firm’s restructuring process.

That is the conclusion from two complementary reports issued by two professors of Commercial Law -- Juana Pulgar Ezquerra and Juan Sanchez-Calero --, who submitted their reports to the National Securities Market Commission (CNMV).

The group of shareholders, who own 6.3 per cent of the Galician multinational firm, aims to achieve a 20 per cent share in Nueva Pescanova without capital injection instead of the 5 per cent stipulated in the creditors' agreement and to reduce the contribution from banks and insurers in the new company.

The minority shareholders consider that "it is possible to reduce the capital contribution of creditors by about EUR 30 million as well as remove the section dedicated to shareholders by cash contributions without jeopardizing the restructuring process under way."

This proposal is an alternative to the resolution to authorize capital widening in Nueva Pescanova of about EUR 50 million contained in the agreements of the subsidiaries.

The Board’s proposal has some similarities with that of the minority shareholders, since it would raise the participation of the existing shareholders in the company from 5 per cent to 20 per cent without the need for cash contributions, in view of the improvement experienced in the company in recent months, reported Efeagro.

The two proposals will be put to the vote in succession at the General Meeting of Shareholders to be held on 28 and 29 September.

The proposal obtaining the legally required majority will be considered approved. If both are approved, the capital increase will be made under the terms provided in the shareholders’ proposal to the extent that it is presented as a partial amendment of the Board’s proposal, reported Europa Press.

Related articles:

- Pescanova’s minority shareholders propose alternative agreement
- Nueva Pescanova future to be decided on 28 September
 

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