Madrid, Oct 20 (Thomson Financial) .- FCC leads hikes bag to pick up 5.05% last night after calling a special meeting of shareholders to approve the capital increase by 1,000 million euros once your main shareholder, Esther Koplowitz, reached an agreement to refinance its debt.
The capital increase will be the construction of a maximum amount of 1,000 million euros by issuing and circulating the same number of new ordinary shares of 1 par value with a premium to be determined.
This operation will you miss most businesswoman control group holds in the construction and services, which now account with 50.03% through company B-1998, which is in turn 89.65%.
The company also stressed to the National Securities Market Commission (CNMV ) which delegates to the board the empowerment of not execute the agreement if market conditions or the financial structure would prevent or make it advisable increased capital.
Also, is delegated to the Board the faculty exceptionally reduce the amount of the aforementioned capital increase depending on the market and bookbuilding or for technical reasons.
The agreement must be executed within a maximum period of one year from approval by the General Meeting, scheduled for November 20 in first round.
The aim of the operation is basically totally or partially repay a debt tranche of 1,350 million euros and address other financial needs of the group, including contributions to its subsidiary Cementos Portland Valderrivas or FCC Environment.
This would also mean a reduction in consolidated debt and greater financial stability and its effect is added to the plan divestments, which contributed 1,800 and 2,200 million forecast.
Refinancing debt five years Koplowitz BBVA and Bankia was a key piece in the face of capital of the company . Given the lack of funds to go to the capital, refinancing the entrepreneur goes through to sell their rights in the capital.
Although in late December announced Koplowitz had managed to refinance through 2018 debt related to its stake in the company, about 1,000 million euros, the refinancing agreement had not been closed.
The result of the negotiations with the banks, the entrepreneur detached 3.8% of the shares of FCC $ 72.5 million. A package that supposedly acquired billionaire George Soros. MarketWatch
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