Vista Alegre shareholders decide to increase capital up to 17.4 million’s shareholders are meeting today at an extraordinary general meeting to discuss a capital increase of up to 17.4 million euros.
The meeting has three items on the agenda, the main one being “to deliberate on the authorization to confer on the Board of Directors to increase the capital stock of VAA [Vista Alegre Atlantis], for a total amount of 17,418,188.00 euros” , according to the brand of crystal and porcelain.
This operation will be carried out “within the scope of a public and / or institutional offering for the subscription of common shares with a view to increasing the dispersion of the company’s capital and optimizing sources of financing for the VAA strategy and consequently changing the company’s by-laws , advancing paragraph 2 to Article 5 thereof. ”
“In the context of the reorganization of the Vista Alegre group that has been carried out, the Board of Directors has been considering VAA’s interest in broadening its shareholder base and increasing the respective dispersion of stock capital, as well as more advantageous alternatives for financing the strategy of society, “said the group in an exposé on the proposals that will be voted on at today’s general meeting.
On top of the table is the “subscription of up to 21,772,735 common shares with a nominal value of 0.80 euros each, which will represent up to 12.5% of the capital stock of VAA, with a maximum overall amount of increase of 17,418. 188.00 euros “, explains the group.
If the first point is approved, shareholders will have to approve the elimination of “shareholders’ preemptive rights in the subscription of the capital increase that will be resolved by the Board of Directors until May 31, 2019”.
Also today will be elected a member of the Board of Directors “for the current mandate, and this body will be composed of 11 members,” said the VAA. The new element, Teodorico Figueiredo Pais, was proposed by the shareholder Visabeira, who holds Vista Alegre.
Earlier this month, Visabeira announced that it intends to increase VAA’s capital by issuing 21.77 million new shares in order to increase free float to 25%.
The Visabeira group will see its shareholding decrease to 70% (from the current 94.14%), but as explained in a statement to the market, it will benefit from this increase in dispersion, with the expansion of its shareholder base and, consequently, of greater liquidity of Vista Alegre shares, “reinforcing its attractiveness to potential investors.”
Vista Alegre’s free float is currently around 2.5%, according to information available on the company’s website.
CaixaBI and Millennium Investment Banking will be the financial partners in the operation.
According to accounts released by the company in late August, Vista Alegre’s profit rose 41% in the first half, compared to the same period in 2017, to 1.9 million euros.
Earnings before taxes, interest, depreciation and amortization (EBITDA) increased by 11% to seven million euros.
