National Securities Market Commission. (Photo: CNMV)

Pescanova’s minority shareholders propose alternative agreement

SPAIN
Thursday, September 03, 2015, 02:40 (GMT + 9)

Pescanova’s minority shareholders sent the National Securities Market Commission (CNMV) an alternative agreement proposal to vote at the extraordinary general meeting of the firm’s shareholders, scheduled for later this month.

The group, comprised of 103 shareholders holding 6.3 per cent of the share capital of the Galician company, intends to raise its stake in Nueva Pescanova from the 5 per cent recognized by agreement, to 20 per cent, without having to provide more capital.

In Pescanova’s creditor deal it was established that the creditor banks will have 80 per cent of Nueva Pescanova before 30 November. The full participation of the existing shareholders in the new company will be reduced to 5 per cent, which could be extended to 15 per cent more if more capital is injected.

The group requests that the managers’ proposed increase in capital to reduce the "sections" intended to insurers and creditors to be amended.

According to its proposal, "it is possible to reduce the capital contribution of creditors by about EUR 30 million as well as remove the section dedicated to shareholders for cash contributions without jeopardizing the restructuring process that is under way."

In response to the alternative proposed resolution made by this group of shareholders, Pescanova’s board has urged shareholders and banks to reach an agreement in order to approve the capital increase.

"The Council urges the parties, shareholders and G7, to reach an agreement by which the extension is approved, either through the text of the council’s proposal or according to the text of the shareholders’ proposal," the statement sent to the supervisory body indicates. In addition, it stresses the need to respect the integrity of the Pescanova group "in any case" and "without promoting measures from each other that could pose a risk of liquidation".

At the meeting scheduled for 28 and 29 the merger and double segregation project that will make it possible to create Nueva Pescanova will be addressed.

Related article:

- Nueva Pescanova future to be decided on 28 September

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