Who expected a quick meeting, think again. The general meeting of shareholders of Portugal Telecom (PT) on Monday, where it was decided that the new merger agreement with Hi progressed, with 98.25% of votes in favor, began at 16.30 and took almost five hours. In between, many investors took the floor and asked several questions within the Picoas Forum in Lisbon, getting some answers.
The only point of the general assembly (GA) was the new terms of the merger agreement with Brazilian Hi, due to the negative impact of exposure to the Holy Spirit PT Group. A major meeting was attended by a quorum of 46% stake in the operator, with the overwhelming majority of participants voted in favor of the proposal on the table and only 1.75% of votes against. Due to loan 900 million handmade Rioforte, and that was not paid, the position of PT in Hi falls from 37% to 25.6% and go to PT SGPS titles of Rioforte. Thus, only PT’s shareholders will be exposed to failure holding no financial Espírito Santo Group (GES).
In theory can recover some of that value and thereby climb the shareholding. Everything will depend on the ability of Rioforte, owns various assets (is the main shareholder of Health ES), to pay its creditors.
Grenadier Henry, the outgoing CEO of PT already gave the guy buying commercial paper of Rioforte, silent entered the building, but was pressured to give some explanations for the AG on investment in debt GES. And outside, not stretched in responses to reporters, saying that they had to give explanations already had the inside doors. “That’s where I pay bills.” He left, however, a conviction. “Defended my company and promoted the good of my shareholders”
The meeting (in which the Brazilian Hi, with 10% , could not vote) had immediately a shareholder of weight in favor of the merger: the Ongoing, represented by Rafael Mora. Speaking to journalists in the middle of the meeting, Mora argued that approval of the new terms of the agreement with Hi was “the only possible solution.” The manager also said he expected to recover part of the value of the application Rioforte. “It’s possible and the business enabling move forward with the merger,” he said, saying he feels “conditioned, with some anger and frustration” over the outcome of the loan to PT GES. Before, also Paul Varela (who is in the administration of PT, as Mora) had declared that the new agreement with Hi “is what best serves the interests of PT.”
But the New Bank, which got the 10% position that was held by BES, attended the Forum Picoas only “formal representation”, eventually also to vote for. The ATM, association of small investors, has always been against the agreements of the new business, but his little expression could not prevent the merger was voted on favorably. Its president announced at the end of that meeting will now try to challenge the decision.
The expected “green light” to the merger agreement was already anticipated by the markets, with the titles of the operator to recover part of the losses July and August. On Monday, and in a counter with the PSI-20 (which closed to lose), PT rose 1.26% to 1.77 euros.
How to report a post about PwC financial application in Rioforte, request the management of PT Mora said the results will be known in October. Lack also know the audit conducted by the capital market regulator, CMVM, and the Hi (that moved in August with their own analysis of operator involvement with BES). The leaders of Hi (as Zeinal Bava) have claimed “total ignorance” of investments in Rioforte.
In addition, PT has not so far explained why, and how, raised 128 million deposited in BES before it is operated upon, and what the negative impact of a shareholder, with about 2% of the “bad bank” that resulted from the separation of the two entities in BES. with Lusa
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