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Factory that belongs to Pescanova. (Photo: Pescanova)
Preferential treatment to minor shareholders annoys Pescanova’s board
(SPAIN, 6/12/2015)
The Galician multinational firm Pescanova will become Nueva Pescanova in a few months, a new partnership with 80 per cent managed by seven banks and minor shareholders could have access to the remaining 20 per cent.
Creditor banks -- Sabadell, Popular, Abanca, CaixaBank, Bankia, BBVA and UBI Banca -- hold a strict position on the claims of the board to take over the remaining 20 per cent of Nueva Pescanova without providing EUR 7 million, the newspaper La Voz de Galicia reported.
Instead, they would offer preferential treatment to minority shareholders, who own 64 per cent of the undervalued shares in the company.
During a meeting between the banks, the board of directors and the trustee, creditor banks explained that they are receptive to a proposal for the transfer of up to 20 per cent stake in Nueva Pescanova only to small investors.
The current board asked the entities to increase its weight in Nueva Pescanova from 5 per cent, which the creditors' agreement provides -- to 20 per cent, and a preferred purchase option at the moment when the banks withdraw from the firm. It argued that it seeks to "ensure the integrity of Pescanova and to avoid it from being turned into pieces by investment funds".
However, the seven banks refuse to grant more participation to the reference shareholders, and reject the fact that Damm group or Pescanova’s former president, Manuel Fernandez de Sousa, once more manage the multinational firm.
It was upsetting for Pescanova’s board to receive the proposal of the banks to offer preferential treatment to smaller partners, which it considers "discriminatory" because "there are no good and bad partners," the newspaper Faro de Vigo reported.
According to the agreement signed by the company and creditor banks, Nueva Pescanova will be born before 31 November 2015. Beforehand, creditor banks will make a capital increase of EUR 125 million to exchange debt for equity.
Related articles:
- Creditor banks ensure future of Pescanova’s subsidiaries
- Pescanova controlled by banks, endorsed by the judge
By Analia Murias
editorial@seafood.media
www.seafood.media
Information of the company:
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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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info@pescanova.es
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