shareholders New Pescanova This Tuesday, they will learn the finesse of the operation proposed by the company’s leadership to complete the journey of its current strategic plan. judicial “Value Path”He is a symbol-laden name in the fishing giant who wants to reach 2025 free from the heavy burden of bankruptcy. wants sell more and betterfocusing, Markets where they value the brand the mostwith value added productsor in a winning chain productivity, efficiency and sustainability. The leap also means a change in the organizational model – including the digitization of all internal processes – and possibly in size. The fifth pillar of the roadmap outlined by the consultant Boston Consulting Group There is explicit mention of “mergers or alliances” to “achieve goals in the best way possible”. An attempt was made with the Argentine firm Veraz, but as explained by FARO DE VIGO of the Prensa Ibérica group, price differences and the skyrocketing inflation situation in the country hampered the operation. This is where the Chapela-based group’s partners come into play, who was asked? injection of 70m euros to “strengthen the implementation” of the strategic plan.
Announcement
Nueva Pescanova’s board of directors meets General Assembly of Shareholders for the next day 16 there is only one issue on the agenda: approval of a 70m-euro injection “will mean” solid reinforcement of own funds” The company. At the end of its last financial years in March 2022, €252.28 millionafter an annual decline of 11.5%.
Out of respect for the shareholders –abanca owns 97.8% of the capital–, Nueva Pescanova did not want to give further details on how the contribution would be expressed, but made it clear that it would be “voluntary” and would not affect each party’s share of capital. partners at present. Main financial institution in Galicia and other participants –wide bill controls 0.82%, old peskanova maintains 0.34% and have a rest (1.04%) is distributed among minority shareholders – they will hold their position whether they contribute or not, as it is a type of loan.
two important reasons
It’s not a minor issue for two reasons. First, the conflict with Broadbill and the former Pescanova in the courts, which ended with the annulment of the courts two years ago. Pontevedra Commercial Court No. 1 Confirmation of the agreement signed in August 2020 refinancing 643 million with creditors due to lack of required majority.
The other reason is related to its main shareholder, Abanca, which is not interested in continuing to increase its presence in the fishing capital. The exact opposite. entity headed by Juan Carlos Escotet when looking for a financial partner the title package has a “for sale” mark on it, and European Central Bank (ECB) rushed to reduce his weight to below 50%.
Nueva Pescanova billed 1,087 million euros in fiscal 2021It is 21.4% more than in 2020 and 4.4% more than before the pandemic (2019). Its EBITDA, which includes profit before tax, doubled to €80 million. Debt in March 2022 500.6 million €68.4 million restructured debt; 209.2 million more in circulation; 223.1 million is long-term. According to the company itself, the average cost of loans is close to 4%, he pointed out in the presentation to investors last June of the 75m euros final promissory note program.