To ensure that is 50% of the TAP, as was stipulated in the agreement signed on Saturday with the private shareholders, the Government may have to buy an additional 16% of the airline. This is because the share of 5% that has to be sold to employees under the company’s privatization. In response to questions raised by the PUBLIC, official of the Ministry of Planning and Infrastructure said that the sale of part of the capital source to TAP employees “will be one of the first acts in the process following the signing of the memorandum.”
This operation will make from the current 39%, the state reduce its stake to 34%. Once closed this step, “the private investor sells the state the necessary number of shares so that it holds 50% stake,” said the same source. In this phase, the state will then buy between 11 and 16%, which will depend on the greater or lesser adhesion of workers.
Also according to the same source, the deal will be done “at the same purchase price the activities of the State “by the private shareholders of the Atlantic Gateway, Humberto Pedrosa and David Neeleman, or 10.93 euros per share. And, according to the Government, “the maximum estimated cost [to buy shares] is 1.9 million euros.” However, taking into account the total number of shares in the company, this figure would represent just over 11% of the capital. By PUBLIC accounts if workers bought a total of 5% of the shares, this would require a financial outlay by the state of 2.6 million euros. Thus, it is possible that the government is counting on a low adhesion to the purchase of shares (which, incidentally, has been a trend in recent years).
When this process is over, the accounts will be more simple to make:. the State will hold 50%, private 45% to 50% and workers between 0% and 5%
Partners “forever”
“it’s the talk that the key to understanding and we was understood”, said on Saturday the prime minister, António Costa, after finance ministers, Mário Centeno, and Planning, Pedro Marques , have signed with David Neeleman and Humberto Pedrosa the document that marks the strengthening of the state’s position, while “keeping the TAP with the private company”.
the sale of the shares the private is, however, subject to obtaining regulatory approvals and the “financial restructuring of TAP”, which should be defined until April 30, when it is expected the signing of the purchase and sale contract, as regards one memo synthesis and as a basis for technical negotiations that have yet to proceed. For its part, the Government is committed to the future, not holds more than 50% in TAP. “
” We will be partners not only for two years, but surely forever, “he said António Costa to Neeleman and Pedrosa, and then add that “does not intend to intervene in the executive management of the TAP.”
“the state will always be the largest shareholder of TAP, forever, as it should be,” he said in turn, the Minister Pedro Marques. Already Humberto Pedrosa, the owner of Barraqueiro group, recalled that the management remains private and led by Fernando Pinto (although the chairman of the board of directors, to be appointed by the State, has the casting vote).
for five years, no party may withdraw from company dividends, but after this period, “and if there is a capital dispersion operation on the stock exchange,” the State “will have 18.75% of the economic rights” of TAP since subscribe EUR 30 million from a bond issue of 120 million that was already hired by private. “We have this intention,” said Pedro Marques.
Ultimately, if there is a subscription that amount, the state share in the profits may be limited to 5%. “It was a difficult birth, but it was the way he found to protect those who make the capitalization of the company,” said a source close to the PUBLIC the consortium. This is because the capitalization plan of the company that was contracted with private Gateway (and already involved the injection of at least 180 million TAP) will continue in the same way.
No comments:
Post a Comment