Oughourlian dilutes the related to the government and points them out of the hurry council

“Jaque mate” to the enemy at home. That was the feeling that was breathing yesterday early in the morning in the office of the president of the Group Prisa, Joseph Oughourlian, when the Results of the new ‘express’ expansion of capital. An operation signed by international and institutional investors, attracted by Oughourlian, with which it will be shielded in the face of the next Shareholders Board.

The play has been classified by the financial experts consulted by ABC as “teacher.” The commitment to the creditors was to attract new investors, who believed in the Oughourlian project in haste and thus sign debt refinancing. And said and done. The most striking of the operation – a issuance of up to 108 million new shares, which represents approximately 9.95% of the company’s current share capital – is that it was designed to perform it without preferential subscription right and through an accelerated placement process between qualified investors, which was equivalent to having an important ‘mattress’ to be able to go to it.

Experts explain that this means that current shareholders, especially those related to the government – the Alconaba group of Andrés Varela Entrecanal (so far with 7%of the capital), Adolfo Utor, owner of the Balearia (with 5.4%), and Diego Prieto, founder and president of the SSG group (with 3.1%) – were forced to disburse important sums of money if they did not want to see their participation in the group diluted, as has finally happened.

According to the sources, «in the current distribution of shareholders, The threshold to be entitled to counselor is 7% And, after the expansion of capital, assuming that Alconaba and other related to the government, have not come, all of them will lose the possibility of that magical figure and, therefore, the ability to have a representative in the governing body of a hurry except that Oughourlian wants to make an approach to President Sánchez maintaining it, which does not seem likely to be probable given the financial measure executed in just one day.

Known sources of the results of the operation point to ABC that the group of ‘rebel’ shareholders to the president of the group, after the expansion of capital, They go from having 19% hurry at 16%. Nor does Vivendi lose, near 12%, nor the Mexican billionaire Calos Slim (7%) with what Ooughurlian guarantees the necessary support that reaffirms the continuity of their management in front and the exit of the counselors, Sundays or independent reluctant to their continuity, in the General Board of Shareholders of June.

In addition, the president of Hurry completed yesterday afternoon, the Own Action Repurchase Program of the group, initiated on the 19th, for a total of 500,000 euros, which leaves no fissure so that the rest of the shareholders increase their participation.

Hurry will allocate the funds obtained with this extension to cancel via own resources a section of your Junior debtfor the amount of 39,992 million euros, for which it paid Euribor interests plus an 8%differential. Cancellation is a suspensive condition required by financial creditors for the formalization of the new debt refinancing. The pact that is being negotiated with the creditors – especially with Pimco – includes expanding debt maturities to 2029, in exchange for the payment of a refinancing commission and an adjustment on the margins. At the end of the year of 2024, the amount of the group’s debt amounted to 750 million euros.

The Issue Figures

Thus, rush completed Its third capital expansion PERGEÑADA BY OUGHOURLIAN to ensure the refinancing of the group’s debt. Before the opening of the market, a statement was sent to the CNMV in which it notified the placement of 108,108,108 new representative actions of 9.95% of the capital, for a total of 40 million euros. The issuance price of the titles was 0.37 euros, of which 0.10 euros correspond to nominal value and 0.27 euros to the issuance cousin, a amount that represents a 6.33% discount on the price price at the closing of the previous day market.