KKR, Cinven and Providence will finally reach 100% of the capital of MásMóvil. The teleco shareholders’ meeting has given the go-ahead on Tuesday to the purchase of the shares that are still in the hands of minority investors by the teleco. Lorca Telecom Bidco, the fund’s investment vehicle, had so far owned 99.32% of the company’s capital.
Thus, the meeting has approved a reduction of the share capital in the amount of 21,607 euros through the redemption of 1,080,371 shares with a par value of 0.02 euros each, to return the value of the contributions. The amortization affects the shares owned by the shareholders of the Company other than Lorca Telecom.
The purpose of the capital reduction is to return the value of the contributions to the shareholders owning the shares to be redeemed and canceled, at a price per redeemed share of 22.5 euros, the same as that paid by the funds in the recent takeover bid. on MásMóvil, which has led to its listing. The total amount to be paid by the company to the aforementioned shareholders is 24.30 million euros, and the agent bank in charge of the operation will be Santander.
In the event that some of the shares to be redeemed are seized, pledged, usufruct or are subject to any other charges or encumbrances, the corresponding amounts will be paid to the person who has the right to receive the redemption value. of said actions.
Market sources indicate that 99.5% of the shareholders who own MásMóvil shares, regardless of the funds, have voted at the meeting in favor of the council’s proposal.
Furthermore, the board has approved the appointment as director of Stefano Bosio, in order to fill the vacancy due to the resignation presented by John Carl Hahn; Germán López, replacing Borja Fernández Espejel; Miguel Juan Segura Martín, replacing Pilar Zulueta de Oya; as well as Cristina Serna García-Conde and Siniša Krnić. The total number of directors has been set at 13.
The meeting has also voted the loss of the status of MásMóvil Ibercom as the parent company of the tax group of MásMóvil Ibercom, as a result of the shareholding change produced after the positive result and liquidation of the takeover bid made by Lorca Telecom. Thus, it has been approved to revoke the appointment of KPMG as the company’s consolidated group auditor for the 2020 financial year, and it will become Lorca’s auditor.