Pescanova's plant. (Photo: Pescanova)

Pescanova counselor resigns

SPAIN
Friday, May 30, 2014, 23:40 (GMT + 9)

Pescanova’s board accepted the resignation of Yago Mendez Pascual, one of the directors of the company, according to a statement released by the Galician multinational firm to the National Securities Market Commission (CNMV).

In his position, the council appointed shareholder Diego Fontan Zubizarreta, who is married to Carolina Masaveu, a businesswoman heiress of the company Masaveu who increased her participation in the Galician multinational firm from 3.741 per cent to 7.133 per cent.

Following the recent departure of the brewery firm Damm and investment fund Luxempart in late April, and the resignations of Juan Manuel Urgoiti – as the president of the fishing firm - and of Pascual Mendez, the board is composed of Iberfomento representative, Fernando Herce; Alejandro Legarda, Cesar Mata and Fontan Zubizarreta.

After Urgoiti´s departure, the board may appoint his replacement from among its members. Therefore, the future board’s chairperson and chief executive of Nueva Pescanova will be appointed first as a director.

For this position a number of candidates are evaluated, although the principal one would be the chairperson of the international advisory board of Banco Popular, Jacobo Gonzalez Robatto, the newspaper La Voz de Galicia informed.

Meanwhile, issuing shares for EUR 25 million has been planned, as it has been established in the agreement, which may represent 30 per cent of the company in the future.

Fontan Zubizarreta will the counselor at least until October or November, 2014. At that time the general assembly that will constitute a board according to the shares the creditor banks, a potential industrial partner or individual shareholders have will be constituted.

After the Court approved the creditors’ agreement in the court ruling, the council has management powers. All the decisions it validates will be supervised by the Audit Committee to ensure compliance with the agreement, and if not executed to the letter, any creditor may request the liquidation of the company, the newspaper Faro de Vigo reported.

Pescanova also informed the CNMV that it has convened an Ordinary and Extraordinary Shareholders' Meeting on 30 June in Chapela-Redondela (Pontevedra) to analyze the situation of the company and the exit of the creditors’ meeting process.

At the meeting, the shareholders are to examine - and it is expected they approve -- the group’s annual accounts of the fiscal years between 2011 and 2013. Moreover, they will give the nod to the new board of directors of the company.

Related articles:

- EUR 2.237 million equity ‘gap’ found in Pescanova
- Masaveu becomes reference shareholder in Pescanova

By Analia Murias
[email protected]
www.seafood.media

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