Joseph Oughourlian, president of Hurry, launches a capital increase for 9.95% of the capital with the goal of capturing 40 million euros and reducing the group’s debt, which exceeds 800 million euros. The ultimate goal of the operation, without preferential subscription right, is to dilute critical shareholders and debate the refinancing of the debt with Pimco, its creditor. The expiration of the liability is next year and the intention of hurry is to achieve a postponement of three years, until 2029.
The editor has communicated to the National Commission of Securities Markets (CNMV) that it is an accelerated placement, for which she has hired JB Capital and Banco Sabadell, which, not having a preferential subscription right, will allow the entry of new shareholders related to the French investor, already owner of 29.8% of the shareholders.
“In order to respect the principle of parity for the treatment of the shareholders of the company, taking into account that the capital increase is carried out excluding the preferential subscription right, LSociety has asked the placing entity that its placement work is not actively addressed to the shareholders of the company, Including those investors who are considered ‘professional customers’ or ‘eligible counterparts’, says the company’s brochure.
Waiting for the closing of the operation, Oughourlian has shielded in the capital of Pimco, as advanced electionomista.es On the 27th. The firm has demanded that there are no changes in the control of the company, and that Oughourlian therefore maintains the command, to refinance the debt, according to sources close to the French investor.
After the decision of Oughourlian, to paralyze the launch of a television network and fire the critical managers -the CEO Carlos Núñez and the Content Director, José Miguel Contreras – The battle now opens in the face of the Board of Shareholders to be held, predictably, next June, But it seems very complicated that critical shareholders can achieve their goal and separate him in a hurry.
Add support
The Government, in any case, has decided to sign and try to bring together a group of shareholders with 51% of the capital to force the dismissal of the French investor, currently owner of 29.8% of the shares. Moncloa has, for the moment, with a group of Spanish shareholders with a joint participation of around 17%.
In this group, which is led by José Miguel Contreras, are Global Alconaba, a firm headed by Andrés Varela, one of the founders of Globomedia, with 7% of the capital; Adolfo Utor, owner of Balearia, who has another 5.4%, and Diego Prieto, founder and president of the SSG group, a company dedicated to health transport, with another 3.1%.
The key is now what Vivendi can do, which has 11.79%; the Polanco family, with 7.6%; Carlos Slim, with 7% and Santander, with another 4%. Oughourlian is guaranteed, for the moment, the support of Vivendi, but the government is pressing the French conglomerate to change the side.
#Hurry #launches #capital #extension #dilute #critical #shareholders #unlock #refinancing
