The actions of the TAP will only be sold on the stock exchange when the company is worth 1.2 billion euros. This is one of the most important points of the agreement sealed between the State and the Atlantic Gateway and that will be effective so that the shareholder structure of the company is reconfigured, with the passage of 50% of the share capital to the public sphere, the study showed the PUBLIC. It was, in fact, a decisive point in the negotiation, since, with the majority of the economic rights on the side of the private, will be in operation grant holder (or in the direct sale of shares to a third party) that will recover the investment.
These estimates, and the possibilities that open up as soon as they are fulfilled, have been made five years or six years. That is, only at this point is that you can go a sale on the stock exchange – but always without the State miss out on your 50% in the TAP. Moreover, the contract itself provides that, from the time that the new shareholder structure be closed, the private may not dispose of the shares that they bought for a period of five years (restarting the count of a term that was already stated when it was signed the first contract of privatisation, which gave 61% of the share capital of the company to the Atlantic Gateway, in November 2015).
The evaluation of 1.2 billion, is based on another indicator registered in the business plan of the air carrier: the forecast of an EBITDA (earnings before interest, taxes, depreciation and amortization) that is close to 600 million euros between 2020 and 2021. When these goals are reached, not only opens the possibility of the sale of capital on the stock exchange, but also the sale of the direct shares to third parties or an increase in capital.
it Will be through any one of these operations, with greater probability to the sale on the stock exchange, that the private actors expect to be rewarded for the investment made up to here at TAP – the money paid for the shares and, above all, the who entered the company to pay arrears and to invest in the operation.
that Is why the allocation of economic rights is much more favourable to the Atlantic Gateway of the State. In the public sphere, will be 50% of the capital of the air carrier, but the economic benefits (that is, the money that is generated to remunerate the shareholders through dividends or from the sale of assets and shares) will be a maximum of 18,75%. The remaining 81,25% stand by the side of the private, even those with only 50% of the share capital of TAP.
this Was the equation that helped to convince Humberto Pedrosa and David Neeleman, the two partners in the Atlantic Gateway, to accept to return to the State part of the shares of the company. Is that even losing in the capital, will be rewarded by the financial effort that they do when those financial goals are reached. This commitment joined another no less important: the commitment that the TAP will be managed as a private company, although the State has the right to appoint part of the directors.
When the air carrier has the new shareholder structure, which is expected to happen in the next year (contrary to the initial expectation of the Government, which pointed to 2016), in addition to the 18,75% of the State, will fit to the Atlantic Gateway between 35% and 40% of the economic rights and 41,25% of the Blue. The company of brazilian aviation founded by Neeleman appears in this portrait because he signed a loan bond issue of 90 million to TAP and this will be the way of reward. Already the percentage of the society of Pedrosa and Neeleman will vary in function of accession of the workers to a share of 5% of the share capital (corresponding to an economic benefit equivalent), is reserved for under the framework law of privatization.
In the Memorandum of Understanding that the State signed in February with the Atlantic Gateway – the first step that was given by the current Government to change the moulds of the sale of the TAP – it was soon established that there will only be place for the remuneration of the economic rights after five years "and if there is an operation of dispersion of the capital on the stock exchange". The 18,75% that the public partner has the right were dependent upon two conditions: the subscription of the bonds, in an amount of 30 million, which was made in June and the successful conclusion of the renegotiation of the debt with the bank.
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