Pescanova plant (Photo: Pescanova)
Nueva Pescanova plans capital increase of up to EUR 1 billion
(SPAIN, 1/21/2016)
The seven banks that own 62.3 per cent of Nueva Pescanova are studying to increase the capital of the new company in EUR 400 million to 1 billion, through an exchange of debt for shares in the company.
The final amount of capitalization has not yet been set, and will largely depend on the investment old Pescanova (holder of 20 per cent of the new company) can get on its return to the stock exchange.
Some sources say that the intention of Popular, Abanca, Sabadell, BBVA, Bankia, CaixaBank and UBI banks would be to completely dilute shareholders of the old company with the capital increase. Other sources affirm the reason is another, "having more capital, as with the current EUR 100 million and EUR 30 million EBITDA, the group cannot survive," Efeagro informed.
In addition, the banks do not rule out to legally challenge the amendment of the articles old Pescanova made two days before the capital increase, when banks entered at the end of 2015.
The aforementioned amendments to the statutes of the new society provides that to carry out any change in the corporate structure of the current shareholding distribution, it is necessary to have the support of 81 per cent of the company’s owners.
The capital enlargement cannot be carried out before 31 July. The composition of Pescanova board could be closed in March. If there were nine directors, one of them would be from the old shareholders, and if twelve directors were named, two would belong to the old Pescanova.
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- Campofrio’s CEO to take over as Nueva Pescanova’s executive leader
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Information of the company:
Address:
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Calle José Fernández López, s/n
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City:
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Chapela - Redondela
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State/ZIP:
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Pontevedra, Galicia (36320)
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Country:
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Spain
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Phone:
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+34 986 818 100
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Fax:
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+34 986 818 220
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E-Mail:
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[email protected]
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More about:
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Approval / Accreditation / Certified / Oversight by...
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