Entrepreneur Carolina Masaveu Herrero. (Photo: Stock File)

Masaveu becomes reference shareholder in Pescanova

SPAIN
Friday, May 09, 2014, 00:20 (GMT + 9)

Entrepreneur Carolina Masaveu, who inherited the firm Masaveu, increased her stake in the Galician multinational firm Pescanova from 3.74 per cent to 7.13 per cent.

The investment firm raises its share weight in the fishing firm given recovery prospects following the confirmation that its control has been provided to creditor banks.

As it has been indicated by the Galician company to the National Securities Market Commission (CNMV), the agreement has the support of 63.65 per cent of the financial and trade creditors -- Banco Sabadell, Banco Popular, CaixaBank, NCG Banco, BBVA, Bankia and UBI Banca --, which will make it possible to avoid liquidation.

In addition, the support for the viability plan exceeds the legally required limit of 51 per cent, considering that these banks account for 30 per cent of liabilities.

Meanwhile, the executive of Masaveu has become one of the reference shareholders of the multinational firm, after overcoming the threshold of 5 per cent with the purchase of 975,000 Pescanova securities at the Space Operations Market in Barcelona Stock Exchange.

The acquisition was accomplished through a transaction in securities with suspended trading, the newspaper Faro de Vigo reported.

Following this transaction, Masaveu shields its participation in the future capital increases of Pescanova.

According to industry sources, the purchase of shares is a "future investment" reflecting that Masaveu trusts in the recovery of the fishery firm.

This is the second operation that Masaveu has communicated to the CNMV.

In Pescanova it emerged as reference shareholder a few months ago when declaring an interest of 3.74 per cent participation after buying a package of 1.05 million shares through its holding company Crisgadni, for a nominal fee.

Masaveu stands virtually with the same participation as that of Pescanova former president, Manuel Fernández de Sousa (7.5 per cent), and ahead of Damm (6.2 per cent), Luxempart funds (5.8 per cent) and Silicon Metals (5 per cent).

Having received the support of 63.65 per cent of the creditor banks, Pescanova pointed out "This is considered to be a historic moment."

"It signals the beginning of a new phase in which the group will remain as one of the main Galician multinational firms and a head of a reference group in fisheries and aquaculture activities worldwide," added the company in the document submitted to the CNMV.

Thus, Damm brewery firm and Luxempark investment fund ended up withdrawing from negotiations to control the fishing firm because of the power of the creditor banks, reported La Opinión.

Related article:

- Pescanova granted 63.65 pc of creditor bank support

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

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