Family Society Areces Galán stressed that the English Court has allowed the entry of Primefin group “at a price well below the value of the latest estimates of the group” reserves adding that “the adoption of all measures to help bring transparency to the operation and mainly the commission managed by an entity domiciled in a country of high tax opacity “.
Ceslar Corporation explains that this operation” is nothing more than a maneuver to corner traditional and shareholders get shield the power of the current management team “and which is” unacceptable loss of value “for shareholders in the chain.
The company is concerned that the transaction was a price “below all estimates” about the value of El Corte Ingles and “far short” of 18,000 million where Tinsa valued its real estate assets in 2013.
closed at El Corte Ingles mid-July arrival in the capital of a foreign investor for the first time in its history. This is the Qatari royal family, on behalf of Sheikh Hamad Bin Jassim Bin Jaber Al Thaniy, former prime minister of Qatar emirate, which acceded to 10% of the company’s 1,000 million euros.
this end also disagrees Ceslar, which ensures that the percentage shall be 10%, “they will receive between 12.5% and 15.25% of the company”.
The Family Partnership Areces Galán no new funding for the English Court believes necessary, but clarifies that, “if done, the fact that currently go to the bond market would be an option that would provide greater security at lower cost.”
In this sense, Ceslar complains financing conditions by which Qatar has entered the capital of the group, with “some interests well above market with a series of penalties that always favor the Qatari investor and are not justified under any circumstances. “
In particular, it refers to an interest rate of 5.25% per annum, which can be” approximately 7.5% “by assuming an interest Additional if “an aggressive business plan”, with growth of 12% annualized over the next five years.
Ceslar is not met is also very critical of the payment of a commission “worth of millions of euros” to mediate in the operation, especially because “it is based in one of the countries with greater fiscal opacity and outside the control of the European regulatory framework.” He adds, “none of the directors [of the English Court] could say neither his name, nor who was behind that company and not even what his name”.
Change of statutes The Court English hold its AGM on 30 August. In it, the first of Dimas Gimeno since taking office, the group intends to amend 60 articles of its bylaws to modernize and allow entry into their capital from external partners.
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