Pescanova communicated CNMV about the scheduled date to hold shareholders' meeting. (Photo: CNMV/FIS)

Pescanova’s shareholder meeting to be held in late May

SPAIN
Wednesday, April 29, 2015, 03:50 (GMT + 9)

The Galician multinational firm Pescanova informed the National Committee of Market of Values (CNMV) that the general meeting of shareholders will be held in Pontevedra on 28 May, 2015 -- in first call -- and on 29 May – in second call.

It is expected that during those days fishing results are approved; and amendment of the bylaws are addressed to suit the Corporations Act and the annual report on remuneration of the directors.

In addition, the administration board was authorised to acquire their own shares by the company and its dependent companies, and it will be reported on the roadmap of the covenant of creditors, EFE agency reported.

The process of the multinational firm is in the creditors’ hands of the 10 affiliates undergoing creditors’ meeting, which will elect one of the two proposed agreement presented separately by the administration board and banks on 21 and 22 May.

Sources close to the negotiations commented it was expected that "banks adhere to their own agreement in at least eight of the ten subsidiaries which are major creditors."

Liquidation risk would persist only in the two subsidiaries where its participation is a minority: Frinova and Bajamar Septima.

After 22 May audits will be conducted and a special meeting of shareholders will be convened, which is expected to be set for late August or in September, the sources added.

On the other hand, the approval of the proposed capital increase is expected: EUR 28.2 million in capital and EUR 20.4 million in debt capitalization.

The 10 Pescanova subsidiaries undergoing creditor’s meeting are Bajamar, Pescanova alimentacion, Frigodis, Frivipesca Chapela, Fricatamar, Pescafresca, Pescafina Bacalao, Insuiña, Frinova and Novapesca Trading.

Pescanova closed with a net attributable profit of EUR 1,654 million between January and November 2014 compared to a loss of EUR 715 million in 2013.

Related articles:

- Alleged irregularities in Pescanova investigated
- Pescanova begins negotiations with creditors of its subsidiaries

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

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