Dia has successfully completed the capital increase process for a total of 1,028 million euros. Of this amount, 769 million euros correspond to the conversion by LetterOne of the company’s debt into equity, and another close to 259 million euros correspond to the monetary tranche of the capital increase, destined in the first instance to minority shareholders , in which all the 12,927 million new shares of said tranche have been subscribed. The demand for the money tranche has exceeded the supply of the new shares offered by 1.67 times, which represents a total demand of approximately 433 million euros.
After the operation, LetterOne now controls 77.7% of the company, compared to the 74.82% it had before, with which .
The law of takeover bids contemplates that in order to exercise it, it is necessary to have 90% of the capital and that the offer has been accepted by 90% of the capital to which it was directed. It has been more than two years since the takeover bid launched by LetterOne for 100% of Dia’s capital and until the closing of the increase, a quarter of it remained in the hands of minority shareholders. In the prospectus for the takeover bid, LetterOne claimed not to have “any plan relating to the delisting of the Company by any other method other than the exercise of the forced sale right, provided that the thresholds were reached”, but that did not occur. situation.
In addition, it added that “in the event that it promotes in the future the delisting of the Company, said delisting would be carried out through a public delisting offer after obtaining the valuation report” provided for in the Royal Decree of the Takeover Bid Act , so it would be necessary to specify the next step to follow.
Capital structure
The operation provides the company with an optimal capital structure, represents a new injection of liquidity that will speed up the transformation process of the group and eliminates the situation of negative equity in which the company was, thus preventing it from incurring legal cause for dissolution.
Stephan DuCharme, CEO of Dia, explains that “the successful completion of the capital increase clearly demonstrates the confidence that the company’s project is generating in all its stakeholders.” As DuCharme has stated in a statement, “the company will now be able to focus exclusively on the development of its business that has already started and that has begun to bear fruit.”
The ‘shorts’ return to capital
The Gibraltar-based fund Guevoura Fund reappeared in Dia’s capital last week with 0.5% of the capital in its hands and this Tuesday decided to increase its bearish position to 0.67% at the gates of knowing the result of the capital increase. since at the end of April it specified the amount of the operation that involves multiplying its capitalization by 5 times.
Facebook Comments
Disqus