Violas against postponement of BPI AG – Express

“It’s the last possible delay.” That’s how James Violas, the largest Portuguese shareholder of BPI, the Violas Ferreira group, sees the result of the Extraordinary General Meeting of Banco BPI held today. The meeting was postponed for two weeks a proposal of CaixaBank, the main shareholder of BPI, which has pending a takeover bid for the bank.

“We are against the postponement,” says James Violas considers a ” disrespect “one shareholder to make a proposal and it can not be voted on by shareholders. The agenda of AG today was on the table for voting two proposals on the deshielded statutes.

BPI administration of one that needed only two thirds of the capital to be approved, and the shareholders could vote with the total number of votes for the capital held (in the case of CaixaBank could vote with 45% of the voting rights). This is because, with a proposal of his own administration is part of the new law approved by the Government, which fits like a glove in the case of BPI.

As for the proposal Holding Violas Ferreira, the deshielded statutes needed 75% of the capital and the shareholders could only vote with the limit of the voting rights of 20% patents in BPI’s statutes. Today AG was the continuation of AG on July 22.

CaixaBank explains

According to the Spanish bank, the delay is linked to the need wait for court decisions on the two interim measures that Violas group brought in relation to the new BPI AG the table and change the voting threshold at BPI in the previous AG.

But 15 days and not 30 or 40 why? In practice, because if delayed longer, would have to be called new AGE. Then, because the European Central Bank has four months to CaixaBank to address the issue of reducing the exposure of BPI to Angola (which controls BFA).

Santoro Angola, Isabel dos Santos abstained this AG Tuesday where were present or represented 499 BPI shareholders, holders of 88.4% of the share capital of the bank.

BPI closed to fall 1.38% to 1.07 euros. The Catalan bank offers 1,113 euros per share in the Tender Offer.

The deshielded statutes is a condition for the takeover move. Minority shareholders consider little. On September 21, the date of the EGM continues, BPI will have a decisive day could end up being history.