The hurry advice has approved to launch a capital expansion of 40 million euros – as this newspaper has advanced – directed especially for New qualified investorsas the company has communicated to the CNMV this Tuesday afternoon. Capital expansion will be accelerated, And the placing entity will be JB capital, that has an order of the Council not to address “current shareholders in a hurry, who will not have a preferential subscription right.
In short, the capital expansion of 40 million approved by Oughourlian, equivalent to 9.95% of the hurry capital, is designed so that the current shareholders in a hurry, mostly facing the French investor, have very difficult to go and thus dilute their participation current.
First because it is accelerated and the placement period ends this Wednesday at eight in the morning, which does not leave reaction time to its rivals. Second because they do not have a preferential subscription right and the placer man has order not to add up to them in a “active” way during the afternoon of this Tuesday.
Hurry explains in the statement to the CNMV that the approved capital expansion will serve to pay 40 million senior debt, with interest of the Euribor + 8%, and that this payment is the condition To then approve the refinancing of the debt with its main creditor, Pimco.
It is the third capital expansion that hurries. The first was in 2023 for 130 million euros, the second at 2024 per 100 million and now the third for another 40 million. The previous two were in the form of mandatory bond emission into actions.
The reason for these extraordinary conditions is that the company is immersed in a total war between the president, which has 29.7% of the capital, and the Spanish shareholders of the group, led by Andrés Varela Entrecanales and José Miguel Contreras, close to Moncloa.
By launching this capital increase with the conditions described, the rest of the shareholders will have to act quickly or dilute, something that is vital for the options of the Spaniards for add 51% of capital Before the Board and be able to evict Oughourlian from the company’s presidency.
At the moment, the rivals of the French investor accumulate 18% of the capital, to which 4% of Santander and 7.5% of the Polanco family must be added. In addition, the group of Mexican shareholders would also join them, which have up to 10%, while negotiating the support of Vivendi (12%) and of Carlos Slim (7%).
