Novo Banco Seeks Say in Sale of Herdade da Comporta

14 November 2018

Novo Banco wants to have a say in the sale of Herdade da Comporta’s principal real estate assets. The bank introduced a new item on the agenda of the general shareholders’ meeting to be held on November 27th to discuss the sale to Amorim Luxury and Vanguard Properties. Gesfimo, which manages the Comporta real estate fund, stated that “legal analysis” of the proposal may be conducted during the meeting.

The meeting, scheduled for November 27 at the Hotel Sana in Lisbon, will analyse the sale of Comporta’s land and report to Gesfimo’s owners, including Rioforte, which holds 59.09% of the units, and Novo Banco, which owns 15.46%.

However, Novo Banco wants to make it clear that this meeting will not only serve to convey Gesfimo’s decision. According to the Jornal de Negócios, the meeting will also serve for the participants themselves to make a decision: whether or not they agree with the sale.

“Discuss and deliberate on the terms, conditions and extent of the sale of the assets of the fund, specifically regarding the approval of the contract to sell the assets.” One of the participants in the fund submitted the item, according to the Securities Market Commission (CMVM). That holder is Novo Banco, according to a report by Expresso.

Gesfimo vs Novo Banco

This will be the second item at the general assembly. The first, which was proposed by Gesfimo when the meeting was scheduled: “Information and consultation of the participants, following the conclusion of the pre-contract agreement.”

This means that Gesfimo, after the sales process, which was conducted by Deloitte, must disclose the winning bid to the 87 participants, and it is their responsibility, in light of the fund management rules, to make such decisions. However, Novo Banco also believes that it should have a say, considering that the participants must deliberate the sale, and not just be informed.

The consortium’s winning bid has not been disclosed, nor is the distribution of any potential profits, the Jornal de Negócios reported.

Original Story: Idealista

Translation: Richard Turner