22 January 2019 – Expansión
Urbas, a company specialising in the promotion and management of land, has signed an agreement with its reference shareholders Robisco Capital Markets and Quamtium to push ahead with the repayment of its debts. By virtue of this agreement, its shareholders are guaranteeing its financial stability and allowing it to obtain liquidity in exchange for shares in the company. In this way, the shareholders are going to inject up to €6 million into the company in exchange for up to 1.75% of the share capital.
These shareholders own almost 28% of the company each, according to the latest registers from the CNMV.
Specifically, Robisco and Quamtium are going to sign a line of credit for a maximum of €2 million to equip the company with the liquidity it needs to make its current payments, at least, until the end of 2019. Moreover, the shareholders have committed to acquire debt from Urbas’s suppliers and creditors up to a maximum of €4 million.
In exchange, Robisco and Quamtium are reserving the right to acquire part of the share capital through the share subscription, said the company to the CNMV. The increases will be undertaken at a maximum nominal value of €6 million, equivalent to 1.75% of the share capital. “The agreement allows us to consolidate the structure of the balance sheet and improve the financial ratios, at the same time as strengthening the activity, developing the businesses and ratifying the trust and commitment of the main shareholders”, said Juan Antonio Acedo Fernández, who was recently appointed as the President of the Group.
Original story: Expansión (by R. Arroyo)
Translation: Carmel Drake