Pescanova's facilities in Chapela, Galicia. (Photo: Pescanova)

Pescanova’s shareholders retain 20pc share

Pescanova’s shareholders on Tuesday approved merger and segregation projects as well as the partnership capital extension, in which shareholders will own 20 per cent participation, without cash payment. In this way Nueva Pescanova is born, two years after the Galician multinational group’s debacle.

In an extraordinary meeting held at the premises of the company in Chapela (Pontevedra), shareholders gave their approval to the subsidiary merger project, except for Hasenosa, Novapesca Trading and Insuiña and subsequent segregation that result Pescanova España and Nueva Pescanova, reported Europa Press.

The group of creditor banks consisting of Bankia, Popular, Sabadell, Caixabank, BBVA, UBI Banca and Abanca will control 80 per cent of the new company, by providing EUR 10 million while minority holders will have 20 per cent without providing capital extra.

Nueva Pescanova is born with assets of EUR 100 million: the EUR 60 million with which the company will be handed and EUR 40 million that will be provided by the Argentine subsidiary Argenova, after overcoming the creditors’ meeting with a debt reduction, Reuters reported.

The board also approved a motion to request the National Securities Market Commission (CNMV) that the company becomes a public company again after having been suspended since 2013.

Pescanova closed the first half of 2015 with losses of EUR 24.7 million versus a profit of EUR 1,790 million in the same fiscal period last year.

The company clarified that due to the change in the closing date of the fiscal year up to 30 November, these results include the period between 1 December, 2014 and 31 May, 2015, which are not fully comparable with those of the first half of 2014.

Related articles:

- Minority shareholders' proposal not to affect Pescanova restructuring process
- Nueva Pescanova future to be decided on 28 September
- Pescanova to contribute EUR 2.4 million for 5pc of new company
- Pescanova's sales grow, but loss amounts to EUR 24.7 million in H1

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Address:	Calle José Fernández López, s/n
City:	Chapela - Redondela
State/ZIP:	Pontevedra, Galicia (36320)
Country:	Spain
Phone:	+34 986 818 100
Fax:	+34 986 818 220
E-Mail:	[email protected]
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