We offer all the tools necessary for landing the full scope of business you really deserve.
Feel free to call us: +34 617 369 878

Sareb & Popular Get Equity Stakes in Renta Corporación

Posted by: In: Real Estate 12 Nov 2014 Comments: 0 Tags: , , , , , , , , , , ,
.

12/11/2014 – Expansion

At the latest Renta Corporación stakeholders’ meeting, a capital increase was approved which will allow four banks to grab 14% of the firm’s capital in exchange for debt cancellation. Namely, Sareb, Banco Popular, ING and Banco Caixa Geral opted for the swap inside the last covenant arrangements.

Once the green light given to the operation, €5.6 million in new shares at €1 face value each will be issued, representing 14% of the company’s social capital fixed at €32.88 million in total.

Sareb will take a 4.9% share by swapping the debt proceeding from Caja Madrid and Bancaja. Banco Popular has got a right to 4.1%, ING Real Estate to 2.9% and Banco Caixa Geral to 2.8%. Deutsche Bank which held a 2.8% stake finally split it half and sold to two investors.

The increase hands 14% over to the banks, 7% remains in possession of other significant shareholders and the rest of Renta Corporación belongs to its president Luis Hernandez de Cabanyes (32%) and Blas Herrero (8%). The free float makes 39% available.

The stakeholders also agreed that two payment schemes will apply in 2014, one in favor of the emplyees and directors and the other in benefit of Renta’s CEO, David Vila.

On the Stock Market

Floated in 2006, the firm has been suspended since March 2013 when it went bankrupt. However, last October 30th, Renta Corporación returned to the stock exchange market and appreciated 154% to 1.45 €/share in the very first day. Since then, the price has been fluctuating and currently the shares stand at €1.11 each.

Original article: Expansión (by M. Anglés)

Translation: AURA REE

The post Sareb & Popular Get Equity Stakes in Renta Corporación appeared first on Aura Real Estate Experts.

Source: AURA Real Estate Experts

LinkedInFacebookTwitterGoogle+PinterestShare

Sorry, the comment form is closed at this time.