The real estate Realia has accepted share capital enlargement in order to convert FCC´s debt into assets. It will extend the shareholding of the construction and services group up to 36,8% of the capital, according to CMNV´s announcement released on Wednesday. The transaction has been valued at 57.5 million Euros at price of the new assets´ issue.
The swap price, 1,92 Euros, at least doubles the value of its securities at the end of period on the stock market with 0,87% and a slump of 1,70%. 29.994.610 new shares were issued at the nominal value of 0,24 cents per each and with a premium share of 1,68 Euros. The note informs that “FCC´s direct and indirect shareholding from 30.02% becomes 36.85 % now”, in spite of the company´s plan to ditch Realia, due to the difficult situation since the real estate bubble burst.
The Agreement has only recently been approved by the supervisory board, even thought it was announced in May. (…) After the gain, the company´s social capital upsurged to 73 millions, split in 307.370.932 assets.
FCC´s shareholder loan is set within the debt refinancing agreement which Realia has just reached with its banking institutions.
The 57.5 millions of FCC constitute 50% of the loan of 115 million Euros which the construction company granted to Realia in 2009 together with no longer existant Caja Madrid. Shareholding in the bank, thought, made the firm a member of Sareb, which gives it right to control 8.87% of the real estate company. Moreover, the bad bank took Realia´s debt equal to 400 millions over via Fortress.
Source: El País