Grupo Dia will hold an extraordinary general meeting of shareholders this Friday where The debt refinancing agreement will be voted on, for 885 million euros and the grouping of sharesa process known as countersplit. The meeting will be held electronically, starting at 9:00 a.m. this Friday, as reported by the company to the National Securities Market Commission (CNMV).
The company has pointed out that the aforementioned amount aims to strengthen the group’s capital structure, as well as accelerate its growth plan. In addition, it will be used for the full repayment of the current financing that consists of the debt, under the syndicated financing contracts originally signed on December 31, 2018, together with the debt under the bonds issued by the company and the bilateral financing line. . They will also cover the costs associated with this refinancing. Likewise, through this agreement, Dia plans to strengthen its financial structure and obtain favorable financing conditions in terms of terms and flexibility.
So, The maturity of the company’s debt is extended to a maximum of five years and its liquidity level increases and, its “solid” financial performance has allowed it to obtain financing conditions that allow it to support the growth plan for 2025-2029 that will be presented to the market during the first quarter of next year.
The other point of the day will be the proposal of a countersplit over all of the company’s shares. The company has explained that it will involve the grouping and cancellation of the shares into which the company’s share capital is divided at the time of executing this agreement, for their exchange for newly issued shares, in the proportion of one new share for every thousand pre-existing shares, increasing the nominal value of each share from 0.01 euro to 10 euros.
Equally important, it would be possible to place the trading price of Dia’s share at a value that is “in line” with comparable listed companies in Spain and abroad, in addition to favoring the transfer of the improvement in financial and operational results. to the value of the share. It should be remembered that the closing of the refinancing agreement must be no later than December 30 and certain suspensive conditions common in this type of operations must be met.
Besides, Around 50 minority shareholders of Dia have demonstratedwho have joined together led by Western Gate, have recently demanded, in a letter, from the board of directors a representative on the company’s governing body and a strategic plan with medium-term objectives.
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