BPI Assembly to vote deshielded postponed for 45 days – RTP

Christopher Marques – RTP Jul 22, 2016 13 29 / updated on Jul 22, 2016 14:06 | Economy

The General Assembly should vote the end of the votes limit in BPI, a topic for which there is no consensus among the shareholders. On the table were two proposals for deshielded the statutes but have different voting methods.

A first vote was leaving the initiative shareholder Violas Ferreira Finantial, which is against the order of the limits to vote. Having been presented by a shareholder, the vote would be made in accordance with the limitation of voting rights.

That is, the vote of CaixaBank worth only 20 percent of the share capital, with the proposal doomed to failure. The other proposal was presented by the Board of Bank Management and already takes into account the degree approved by the Executive in April this year, dubbed “BPI diploma” by Isabel dos Santos.

This proposal was presented by administration, do not apply the limits on voting rights. The proposal should therefore be approved, since the CaixaBank would vote with 45 percent of the share capital.
The accounts of BPI

 At issue is the fact that CaixaBank, although in possession of about 45 percent of the share capital, voting only 20 percent. This is the limit of the voting power imposed by statutory rules bench headed by Fernando Ulrich.

The Catalan bank has therefore almost the same voting power that Santoro Isabel dos Santos, although the Angolans they hold only 19 percent of the share capital of the bank.

the problem is compounded by the inability of shareholders to reach agreement on the bank’s strategy, given the requirements of the European Central Bank. Frankfurt requires the bank to reduce exposure to the Angolan market.

If there was no agreement between Angolans and Catalans on the strategy to adopt, La Caixa forward the tender offer.

The end of the voting power limit would give control effective the Portuguese institution to Catalans CaixaBank, besides being one of the Catalan group the requirements to proceed with the takeover bid for BPI.
Elected new table

 Prior to this suspended assembly, a first session magna meeting was to elect the new members of the board. BPI approved with 99.96 of the vote in the General Assembly the composition of the new table, which is now being chaired by Carlos Osório de Castro.

The new board election was confirmed by the bank to the CMVM, having been present in the great meeting 389 shareholders, holders of shares corresponding to 83.46 percent of the share capital.

bank shares were immediately suspended the start of the day, before the opening of markets. The CMVM only decreed the “suspension of trading of the shares of Banco BPI, SA to the disclosure of material information about the issuer” without advance further explanation.

On Thursday, the bank shares led Fernando Ulrich closed to fall 1.07 percent to 1.11 euros. The bank posted profits of 45.8 million euros in the first quarter, a figure almost 50 percent higher than in the same period. Angola is the main generator of the institution’s profits.