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ACS will bring to its shareholders’ meeting in May a capital increase for up to 574 million

formyjob by formyjob
April 5, 2021
in Banking, Insurance, Investing
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ACS will bring to its shareholders’ meeting in May a capital increase for up to 574 million
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It will also give the green light to the appointments of Carmen Fernández Rozado and José Eladio Seco Domínguez as independent directors

ACS has called for next May 7, on second call, its ordinary general meeting of shareholders, in which it plans to approve a capital increase for a maximum of 574 million euros, as well as the appointments of Carmen Fernández Rozado and José Eladio Seco Domínguez as independent directors.

As reported on Monday by the group chaired by Florentino Pérez to the National Securities Market Commission (CNMV), the capital increase will be carried out through the issuance and circulation of new shares, with a nominal value of 0.5 euros each. , of the same class and series as those currently in circulation.

The capital increase is carried out entirely with a charge to reserves, without an issue premium, and the new shares will be allocated free of charge to shareholders.

The company has explained that the capital increase may be executed by the board of directors on one or two different dates.

The dates on which the capital increase is expected to be executed will be, in the case of the first execution, within three months from the date of the meeting and, in the event of a second execution, no later than the end of the first quarter of 2022, thus coinciding with the dates on which ACS has traditionally been distributing the complementary dividend and the interim dividend.

The maximum amount foreseen in the first execution of the capital increase will be a maximum of 426 million euros, while the value of the second execution, if carried out, may not exceed 148 million euros. The sum of both may not exceed 574 million euros in any case.

Likewise, it is agreed to authorize the Board of Directors so that, if it deems it appropriate, it can reduce the share capital by redemption of the company’s own shares by a maximum nominal amount equal to the nominal amount for which the capital increase is effectively executed .

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