The shareholders of TAP approved, on Tuesday morning, a bond which, initially, will be 90 million euros. The aim is that the inflow of money to grow to 120 million, with the remaining 30 million to the state. However, the public tranche will only advance when and if the new agreement materialized privatization of the company, closed by the current government. And the company is now clear that if the state does not advance, will be the own Blue subscribing this portion.
The decision on the loan was taken at the general meeting, where, besides the private consortium Atlantic Gateway ( which currently holds 61% of capital), was present Parpública, the holding which holds the state holdings company. It is recalled that at this time, the state controls 39% of the TAP, as a result of the sale agreement by the Executive previous PSD / CDS.
The loan approval was only possible after the National Aviation Authority civil (ANAC) has authorized the financial transaction last Friday. The regulator has been evaluating every decision made by TAP since issued an opinion which believes that there is evidence that the consortium that owns most of the company’s capital does not respect Community rules (that prevent airlines are controlled by non-European investors under Regulation 1008/2008).
the Atlantic Gateway consortium is majority owned by Portuguese businessman Humberto Pedrosa, but the American partner, David Neeleman, have special actions that you they give more economic rights. In addition, its experience in the sector, is considered the true strategist management.
TAP has sent a statement to newsrooms in which confirms the ordeal of loan. “The s shareholders of TAP SGPS SA, Atlantic Gateway and Parpública, approved this morning by the general meeting, the issuance by TAP SGPS SA, 120 million euros of bonds convertible into company shares. The said issue is made two series: the first (series a), amounting to 90 million, subscribed by Azul, SA and the second (series B), worth 30 million, to subscribe to 20 June 2016 , Parpública or by Azul, SA if Parpública choose not to exercise their subscription rights. ”
The company adds that “the conversion of these obligations TAP SGPS shares and the creation of collateral under this issue are conditional expressly approved by ANAC.” And also states that all decisions were taken “unanimously”.
Regulator evaluates input HNA
Despite having authorized financing ANAC has not yet taken a position on the implications that this may have on shareholder of the air carrier structure. It is concerned that a bond loan, backed by 90 million by Blue – Brazilian airline David Neeleman. And the amount could grow to 120 million.
In turn, the Blue is being funded by the Chinese group HNA to implement this financing. And the HNA is a shareholder of the Brazilian airline, holding about 24% of the capital. That is, the Chinese investor might become an indirect shareholder of TAP, based on this loan, since the bonds may be converted into capital.
“The ANAC has authorized this funding, which contains the possibility to be converted into capital. But this matter [change the shareholder structure] will only analysis and decision to target when the regulator is notified “as required by the Community rules, said an official source ANAC. This notification, guaranteed, has not happened.
This statement came in reaction to a news Express that on Tuesday, realized that the ANAC had leaded the entrance of HNA in the capital of TAP.
the injection of these 90 million is considered essential to provide financial strength to the Portuguese airline. It has the form and the time that the state will lend 30 million missing is still unclear. Incidentally, the concrete terms of the new privatization agreement are not yet known.
No comments:
Post a Comment