Logos of 'Old' and New Pescanova. (Photo: Faro de Vigo/FIS)
'Old' Pescanova will consult its partners on Nueva Pescanova expansion
(SPAIN, 2/23/2017)
Pescanova S.A., also known as 'old' Pescanova, has called an extraordinary shareholders' meeting for 21 March, to decide through voting whether they support the capital increase proposed by Nueva Pescanova.
In a statement sent to the National Securities Market Commission (CNMV), Pescanova S.A. informed that it will ask its shareholders whether or not they ratify the agreement and voting instruction adopted on 21 September, when they have already expressed their opposition to this recapitalization.
Pescanova S.A. is currently a holding company with no productive activity, which has a 20 per cent stake in Nueva Pescanova.
The capital increase proposed by Nueva Pescanova would dilute ten times its shareholding, which would be reduced to 2 per cent, according to calculations made public by the company's managers.
The agenda of the meeting of 21 March also includes discussing the decision of the Board about the invitation of Nueva Pescanova, S.L. to capitalize certain long-term loans of the Company.
On 19 January, Nueva Pescanova, led by Ignacio Gonzalez, approved to begin the process to carry out a capital increase of between EUR 300 and 400 million, an amount that will vary depending on the adhesion of creditors and partners.
The announcement was made after Nueva Pescanova reached an agreement with creditors and shareholders of more than 75 per cent of the group's current debt and capital, including La Caixa, Sabadell, Banco Popular, Abanca, BBVA, Bankia , Ubi, HSBC and SVP.
Related article:
- Nueva Pescanova approves capital increase for more than EUR 300 million
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Information of the company:
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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