We are on our way to Bolivia to start our operations. One more step to make it big again peskanova”. It is the message that Luis Malo de Molina, chairman of the board of Pescanova SA (or former Pescanova), posted on his social networks three years ago. The outcome of this expedition was never heard from again, although the company spent 14,250 euros on shares of two companies in Bolivia – Buhoservice and Gambabol – in an effort to “continue the business” that it lost after bankruptcy. , when all the fishing business is transferred to Nueva Pescanova.
The fact is that apart from a strategic plan that has been announced and has no execution date, the former Pescanova has never been able to generate revenue on its own. She lives in shelter and thanks to the economic injection provided by the group from Chapela: owns insufficient 0.34% of shares, with no long-term dividend option and no option to one day get back the 20% he had in fishing. Despite this, investors believe it is worth more than 11m euros, albeit an increasingly speculative value.
Since last July, they have been exchanged on the Stock Exchange, according to continuous market records analyzed by Faro de Vigo of the Ibérica press group. More than 12.5 million shares of Pescanova SA, almost half of its capital. The fact is that at the National Securities Market Commission (CNMV) 15% of the stocks are not in circulation because they are still funded by Manuel Fernández de Sousa-Faro (former president), the late Alfonso Paz-Andrade or the Silicon Metals Holding fund. Shares in circulation are called free floats; An important part of this volume is the book that is constantly changing hands and that there is no financial basis to support it. Moreover, such speculative investors place a much higher value on the company than is determined by its own board of directors.
Value
The former Pescanova participates in fishing (Nueva Pescanova) through the Gestión de Participaciones Ría de Vigo company. This is what the most recent financial report sent to the CNMV on January 30 refers to. “This assessment of this engagement has deteriorated. […] until we evaluate the participation in question amounting to 940,532 euros”. However, the capitalization (stock market value) remains above 11 million Euros and Pescanova SA has no commercial objectives other than its participation in Nueva Pescanova. If these figures are estimated to the fishing company led by Ignacio González, the joint value of the multinational company from Chapela, which is almost entirely under the control of Abanca, would be more than 276 million euros.
However, this is a very relative scale given that these investors have not paid attention to the vital events that have occurred for the former Pescanova in recent months. Not only is the case investigated by the National Court and pending a final decision in the Supreme Court – SA is jointly liable for damages exceeding 160 million euros – it has also lost the possibility of becoming a reference shareholder in New Pescanova. As FARO argued, the Supreme Court ruled that it did not have the right to demand further participation. Vieja Pescanova closed the fiscal year 2022 with red numbers for around seven million euros.
Data
Number of shares: 28,737,718
Capital: €172,426.308
Price/share: 0.3905
Exchange value: €11.22 million
NPVA shares: 2,437,894
Participation in NPVA: 0.34%