Urbas To Carry Out €2.2M Capital Increase & Appoint 3 New Directors

29 May 2018 – Eje Prime

Urbas is ploughing ahead. The real estate group’s Board of Directors is going to propose a €2.19 million capital increase to its General Shareholders’ Meeting through the offsetting of loans, as well as the appointment of three new independent directors, according to a statement filed by the company with Spain’s National Securities and Exchange Commission (CNMV).

The maximum amount of the capital increase will be €2,198,705.17, and the Board will be able to execute it for a maximum period of twelve months, following its approval, on one or more dates. Given that it is a capital increase involving special compensation and not a monetary contribution, preferential subscription rights will not apply.

The company’s shareholders will also vote for the re-election of the companies Robisco Investment and Quamtium Venture as members of the Board of Directors on a proprietary basis; they currently serve as the Chairman and Vice-Chairman of the company, respectively.

In addition, Urbas will propose the appointment of three new independent directors to fill three existing vacancies. The new board members in question are Adolfo José Guerrero Hidalgo, Pablo Cobo del Moral and Ignacio Sáenz de Santamaría Vierna.

The General Shareholders’ Meeting is scheduled to be held on 29 June. The company’s annual accounts will also be submitted for approval on that date, along with the Directors’ Report, the Report on the Remuneration Policy of the Board of Directors and the re-election of  Baker Tilly Fmac as the auditors of the accounts for the years 2018, 2019 and 2020.

Original story: Eje Prime 

Translation: Carmel Drake

Botella Announces A 20% Reduction In IBI From 2016 Onwards

6 February 2015 – Expansión

Yesterday, the Mayor of Madrid, Ana Botella, who revealed last September that she would not stand for possible re-election in the upcoming municipal elections, announced further reductions in the municipal taxes, which will come into force from 1 January 2016 and will have an impact of €250 million.

The majority of the new tax relief from the capital’s Town Hall, the third announcement in two years, relates to Property Tax (IBI), which will result in an average reduction of 20% for citizens. The tax will thereby return to its levels in 2011, according to figures released yesterday by the Town Hall. This amounts to an average saving of around €78. The reduction will represent a decrease in the Town Hall’s coffers of €183 million.

This new reduction has been made possible thanks to a new surplus in municipal funds, which amounted to €1,389 million in 2014, an increase of €423 million on the previous year, according to the preliminary year end figures released yesterday.

As well as enabling new debt repayments and the allocation of more funds for investment, the new surplus will provide support to the accounts of all of the Public Administrations. The Town Hall will alone contribute more than one tenth of GDP to offset deviations from the rest of the State’s deficit, to boost the achievement of its objective.

The municipality’s remaining cash amounted to €386 million at the end of 2014, slightly below the figure in 2013 (€406 million), of which €334 million related to a loan from the Supplier Payment Fund, says the council.

In addition to the decrease in IBI, the Town Hall announced other reductions. It will apply a 7% reduction in the municipal capital gains tax, which will mean lost revenues of €52 million for the city’s coffers from 2016 onwards.

Botella also announced changes to the Tax on Construction, Facilities and Building Work (ICIO) with a discount of up to 95% for building works whose cost does not exceed €150,000, from the second quarter of 2015 onwards. Building works costing up to €300,000 will receive a 50% discount, whilst those amounting to less than €500,000 will receive a 25% discount. A 100% exemption will also apply to the planning permission fees linked to such building works. This measure will have an impact of €13 million.

The City of Madrid recorded total debt of €5,936 million at the end of 2014, compared with €7,000 million a year earlier.

Original story: Expansión (by B. García)

Translation: Carmel Drake