MADRID (Reuters) – Ceslar Corporation, an entity that brings together close to 10 percent stakes that Areces Galán family owns El Corte Ingles, said Wednesday input a former minister of Qatar in the capital of the company “at a price well below the latest estimates” and said it will act to try to reverse it.
The Corporation remember that only the real estate assets of the group were assessed in 2013 by Tinsa 18,000 million euros and the price will be between 10 percent and 27 percent below book value.
In a press release, the investment arm said the recent decision to El Corte Ingles agreed to sell 10 percent of its capital by 1,000 million euros Sheikh Qatar Hamad Bin Jassim Al Thani was taken without regard to the preferential right of its current shareholders on the shares.
The English Court in mid-July announced the sale of 10 percent of its capital through a convertible loan to three years in treasury shares. Ceslar reveals conditions of the loan and notes that the sale would amount to between 12.5 and 15.5 percent of the capital of the group.
The dissident shareholders also complain that the contract has some interests well above Market and penalties “unjustified” and “regrets that El Corte Ingles has not given mandate to an investment bank to get different offers.”
He even assert that the contract with the ‘fairness opinion’ by Morgan Stanley alone were given the day of the celebration of the council which approved the agreement and said it was signed by a “managing director” Unidentified
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DRUMS OF WAR
Ceslar, noting that reserves the adoption of measures to “reverse the situation” and help “the transparency of the operation “referred to in the note to” pay a high commission “to a company based in a country with a significant fiscal opacity.
The information reveals considerable tensions within the retail giant, which does not made comments.
“It’s just a ploy to corner the traditional shareholders and shield the power of the current management team,” Ceslar, heir to the founding shareholders explains, adding that the operation results . “unacceptable loss of value”
The English Court agreed to enter its shareholding to former prime minister also through a Qatari instrument convertible into shares – as part of its treasury –in three years.
The giant with sales of 14,000 million euros and more than 93,000 employees, considered a benchmark for the Spanish economy, has convened its general shareholders’ meeting on 30 August, which amended several points of their statutes.
Traditionally outside the scrutiny of financial and market analysts, the company premiered in January at the bond market with an issue of 600 million euros to seven years and, according to media not rule out an IPO next hop
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