Naturgy will hold a board of directors meeting this coming Tuesday that will be key to the company’s future. The Australian fund IFM has formally requested a second position in the gas company’s highest governing body, which will now have to decide how to recompose its structure.
The company is preparing to present its future strategic plan between the end of February and the beginning of March in which its president, Francisco Reynés, has already insisted that it intends to accommodate shareholders who want to move forward with the project.
The main debate is now on shareholder remuneration and the company’s investment capacity. The Government demanded a prudent dividend policy from the gas company’s funds and, according to sources consulted by this newspaper, the debate is now about finding the balance between the company’s needs to undertake the energy transition and the demands of the funds. , who aspire to maintain, at least, a similar remuneration.
Naturgy’s capital is practically entirely in the hands of large investors who are playing a complicated game of chess to influence the future of the leading Spanish gas company.
GIP, now owned by BlackRock, was the first investor to land in Naturgy’s capital with the departure of Repsol. The company paid 3,802 million for 20% of the capital on September 21, 2016.
Since then, the owners of the fund have received 1,515 million in dividends and recorded a revaluation of their participation that, in accounting terms, would mean a latent capital gain of another 728 million, that is, 2,243 million euros, which would leave a return on the investment of 73 %.
Refinancing
The operation is also improving its figures, since GIP has refinanced a loan of 1,600 million euros on its 20.6% participation. GIP closed the operation in December with a four-year loan to refinance the maturity that had on December 30. June 2026, which opens the door to greater permanence of the fund.
The operation was led by CaixaBank and Santander, with the participation of Intesa Sanpaolo, Credit Agricole, Erste Group, UniCredit, Natixis and Abanca.
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