Stock Exchange of Madrid. (Photo: Alavisan)

Pescanova’s minority shareholders request re-listing

The approximately 200 associates to the Grouped Minority Shareholders (AMAP), representing approximately 3 per cent stake in Pescanova, have requested the Galician multinational firm must go public again.

Now that the 10 Spanish subsidiaries undergoing creditors’ meeting have been saved from liquidation risk, minority shareholders of the company require the board to fulfill its word and seek a relisting in the exchange.

The written account by the shareholders was directed to the National Securities Market Commission (CNMV), the National Audience and Pescanova itself.

"Pescanova has overcome the worst and the longest storm in its history, has saved all the subsidiaries that have undergone creditors’ meeting, has saved the parent firm and has saved the most important factor, Pescanova brand", say those associated with AMAP in their note. "We do not understand why the CNMV does not lift the pricing."

The minority holders also claim that "the EUR 140 million that was provisioned in case a subsidiary fell, return to balance".

Moreover, they recalled that the multinational firm promised shareholders in November 2014 to lift the listing suspension, after solving the creditors’ meeting of the 10 subsidiaries in liquidation. "A suspension of listing that lasts more than two years," they added, according to EFE agency.

Last week, sources in the Superior Court of Justice of Galicia (TSXG) reported that they had managed to avoid liquidation for the subsidiaries Pescanova Alimentación (with the approval of 95.47 per cent of creditors); Frigodis (94.37 per cent), Frivipesca Chapela (89.31 per cent), Bajamar Septima (80.91 per cent) and Fricatamar (85.39 per cent).

Then, Pescafresca joined (with the support of 94.39 per cent of creditors) as well as Pescafina Bacalao (99.61 per cent), Insuiña (95.66 per cent), Frinova (85.63 per cent) and Novapesca Trading (96.33 per cent).

"Banks value the company at EUR 160 million: another position for a return to the listing as once it can go public, they can purchase and perform the enlargement they desire", argue the minority shareholders.

Related article:

- Creditor banks ensure future of Pescanova’s subsidiaries
 

By Analia Murias
editorial@seafood.media
www.seafood.media

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