Brothers Luis and Mauricio Amodio have decided not to buy any more OHL shares from the family Villar Mir, of which they acquired 16% of the construction company last May for 50.4 million euros and with which they had signed a 9% purchase option for another 31 million euros. At least they will not buy at the price agreed between the parties before the summer.
The deadline for executing this 9% right expired on November 22 without any transaction having been closed, as declared by Mexican investors before the CNMV.
The price of OHL has not accompanied the Villar Mir. The Amodio, first shareholders of the company with the aforementioned 16%, They took that first package at 1.1 euros per share and agreed a price of 1.2 euros per share for the second, made up of 25.78 million titles. But it was an option, not a mandatory investment. The agreed level is 55% above OHL’s market value, 0.77 euros per share at mid-morning today. All in all, 25% of OHL had been valued by the Villar Mir and the Amodio at 81.4 million euros, when today it costs 55 million on the floor.
Buying in the market is much cheaper for Mexicans, but they could also be reserving to participate in a probable capital increase early next year. OHL’s management negotiates with its bondholders different routes for the restructuring of two bond remittances, for a total of 593 million, maturing in 2022 and 2023. Possibilities include the unification into a single bond with a reduction, or the capitalization of part of that debt through an extension.
Despite the fact that the purchase option signed with Grupo Villar Mir does not now crystallize, the Amodios already expressed in the midst of a pandemic their intention to climb to positions close to 30% of the capital.
Debts to pay
The moment is of high tension in the shareholders of OHL. Grupo Villar Mir (GVM), founder and second shareholder of the company with 14.6% of the capital, owes 133.8 million euros for old OHL loans and this is not for the work of forgiving a single euro. After various postponements, the holding company chaired by Juan Miguel Villar Mir has until December 4 to make this payment.
The representatives of GVM on the OHL board, the Sunday representatives Juan and Silvia Villar Mir, already transferred last summer to the rest of the decision-making body that the current crisis made it difficult to meet that debt in a timely manner. They won weeks and the latest news indicates that the debtor party will respond with the guarantees that backed the loans. The main one is the concrete subsidiary Pacadar, which has been valued at less than 100 million.
With this, OHL has had to charge in the third quarter with a provision of 35.8 million euros and declares losses of 114 million. The company insists that everything possible will be done to reverse the aforementioned provision with the collection of the debt in its entirety from the Villar Mir.