Pescanova's former president, Manuel Fernández de Sousa. (Photo: Stock File)
Pescanova ratifies rejection of Nueva Pescanova capital increase
(SPAIN, 3/24/2017)
Pescanova’s shareholders ratified the decision to reject the capital increase of Nueva Pescanova and contest it in court, the company reported in a statement sent to the National Securities Market Commission (CNMV).
This decision, adopted at the Extraordinary Shareholders' Meeting held this week in Burela, had already been adopted at the previous extraordinary meeting in September 2016, but the voting session was repeated because the Broadbill investment fund increased its position in the capital of Pescanova and became one of the main shareholders, changing from 3.69 per cent to 11.5 per cent of the capital.
More than half of the shareholders present at the meeting ratified the position. Only Broadbill and Sodesco, the company controlled by Pescanova’s former president, Manuel Fernández de Sousa, voted in favour of the capital increase of Nueva Pescanova and the conversion of debt into shares.
The Board, chaired by counselor Alejandro Legarda, considered Broadbill's conflict of interests as “evident” by having a stake in the super-senior credit, a statement denied by the representative of the North American investment fund, Luis Martin, EFE news agency reported.
Legarda pointed out that Pescanova can not "speculate" on money that is not foreign and recalled that the counselors of Pescanova are there "to comply with the creditors’ meeting."
Pescanova SA 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.
Related article:
- 'Old' Pescanova will consult its partners on Nueva Pescanova expansion
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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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