n of the capital increase Pharol, a shareholder of Brazilian operator Oi through Bratel, announced last week that it had not participated in this share capital increase and had not yet decided whether to participate in the capital increase by injection of money.
Carla Pedro cpedro@negocios.pt 24 de julho de 2018 às 00:56 https://www.jornaldenegocios.pt/mercados/bolsa/...-aumento-de-capital
Oi said tonight to its shareholders and to the market that, due to the partial homologation of the capital increase, will return on July 25 "the paid-in amounts to the subscribers that conditioned their participation in the capital increase to subscription of the amount maximum of shares of the capital increase, without interest or monetary restatement, through the agents of custody of said subscribers. "
It is recalled that last Friday the Brazilian operator - of which Pharol is a shareholder through Bratel - announced the partial homologation of the capital increase through the conversion of debt into shares, which it calls "capital increase made through capitalization of unsecured claims of qualified bondholders. "
Oi's board of directors "unanimously approved the partial approval of the company's capital increase, with a dilution of the shareholder base of more than 50%," the company said.
Oi also announced in the same communiqué that the capital increase attracted more interested parties than expected: "the company verified the subscription of shares by capitalizing unsecured debentures of qualified bondholders in a quantity above the minimum number of shares for the increase of capital approved in March. "
"With this, 1,514,299,603 new ordinary shares will be issued, at a price of 7 reais per share, totaling ? 10.6 billion [? 2.39 billion] and 116,480,467 subscription bonuses, which will be delivered to the shareholders who exercised their preemptive right and did not condition their decision and bondholders who capitalized their respective claims, "he explained.
The operator also underlined that the new shares and the subscription bonuses would be issued in the capital increase and would be traded on B3 [São Paulo Stock Exchange] already this Monday, July 23.
With the increase approved, Oi's share capital will be ? 32.038 billion (? 7.2 billion), divided into 2.334 billion shares, of which 2,182 billion ordinary shares and 157,727 million preferred shares , all nominative and without par value.
According to Oi, of the total number of new shares and subscription bonus, 68,2000 ordinary shares and 5,2 thousand common shares were subscribed by shareholders who exercised their preemptive rights and did not make their decision conditional on the subscription of all the shares in the capital increase. In addition, 1,514 billion common shares and 116,400 bonds, which will be represented by American Depositary Shares and American Depositary Warrants, were subscribed by bondholders with the capitalization of their credits.
Pursuant to article 72 of the bylaws, since Oi diluted the shareholder base above 50%, the proposed voting restriction was extinguished and "immediately and irrevocably" ceased to have effects in relation to the exercise of the right to vote. vote by shareholders, TeleTime said.
Pharol did not attend
On 18 July last, Pharol confirmed that it had not participated in this increase in Oi's capital by converting debt into equity. According to a statement from the company led by Palha da Silva, one of the reasons was that the minimum price of this capital increase was set at 7 reais per share, well above the current price.
On the same day, Pharol said it had not yet decided whether to participate in the capital increase (in the amount of 4 billion reais - 904.5 million euros) by injection of money.
The Brazilian operator intends to present in September to the market the project of the capital increase operation, Valor Econômico reported recently. The company expects that the capitalization will occur in 2018 - thus, the deadline stipulated in the recovery plan, which ends in February next year.
In the first stage, prior to the capital increase, it was expected to convert debt into equity, a crucial operation to reduce the operator's indebtedness. It was this transaction - which will lead to the dilution of the current shareholders' position - which is now over.
The shareholders had preemptive rights in this operation, having to exercise it until 16 July through the use of the subscription rights.
The Brazilian telecommunications operator has seen its judicial recovery plan approved by the creditors in a general meeting held on December 19 and 20. This plan was later approved on January 8 of this year by the Judicial Recovery Court and made official in March. |