BCP shareholders favor the entry of new investors – Daily News – Lisbon

Assembly also approved the regrouping of shares. Instead of lots of 193 lots will be 75 to give rise to an action

BCP shareholders yesterday approved the possible entry of new investors in the bank. In practice, they abdicated the right of first refusal on future capital increases, to a maximum of 20% of market capitalization. . Taking into account the current value of the bank on the stock exchange, this strengthening can reach a maximum of 460 million euros

The administration led by Nuno Amado, who had advanced to the proposal, justified the decision: a setting of “high volatility and instability of the financial markets’ current and foreseeable to” the nearest time “,” can make all the difference, the being or not an institution, able to take and implement promptly any availability investment by qualified or institutional investors who can not sympathize with the deadlines, delay, complexity and, above all, actual allocation of uncertainties of rights issues “.

in general meeting that dragged for about eight hours, BCP shareholders also approved the reunification of bank shares (reverse stock split), in order to reduce their number and increase the unit value. This was one of the most controversial points of the meeting and was approved only after introduced an amendment to the initial proposal. Instead of lots of 193 shares are reassembled into one, the shareholder decided they were fused lots of 75 titles

the BCP believes that the current value of the shares, extremely low, “penalizes the message leading bank and reference company for investment in Portugal.” Doing the math to 3.9 cents that the BCP papers closed yesterday, with the approval of this proposal each share will be worth about 2,925 euros.

At the meeting, held at the Hotel Lagoas Park in Oeiras , were approved the 2015 accounts, the year in which the bank returned to profit – 235 million euros – and the appointment of Deloitte as the external auditor of the bank until 2018. the choice of Deloitte – the alternative on the table was the PricewaterhouseCoopers – was justified by this consulting firm has obtained the highest result “in the selection criteria and sub-criteria adopted in the held consultation”

the general assembly of the BCP happens after being published on Wednesday. the diploma that facilitates deshielded the statutes of the banks with regard to restrictions of the voting rights. Asked by journalists, Nuno Amado proved to be “concerned” about the effects of the law, considering that is “change the assumptions on which the investors acquired shares” of the bank.

He would not, however, proceed with more comments, stressing that the bank is also to analyze the degree.

under the new law, which takes effect July 1, banks have limits to vote in the statutes (the case of BPI, but BCP) have until the end of the year to conduct general meetings and decide on this matter and, if the proposed statutes of deshielded is made by the board of directors, the meeting is made without the limitations of votes into force, which facilitates amendment of the articles. The decision on the amendment needs a two-thirds majority of the total of this capital AG.

Currently, BCP’s statutes stipulate that any shareholder can not vote more than 20% of voting rights, even that is greater than the capital. If the BCP statutes are amended, the shareholders may have an interest in increasing its stake, since their power in the bank also reinforces in voting rights.

With Lusa