The Estu cancels the capital increase and approves another

The collegiate group, with the unanimity of its shareholders, revokes the operation to obtain 5 million and launches for another of 1.2.

The-Estu-cancels-the-capital-increase-and-approves-another

The economic situation of Movistar Estudiantes before the stoppage of the competition (and of all Spain) due to the coronavirus was bad. Limit for its future, according to Fernando Galindo, president of the collegiate group. The club carries a relevant historical debt that in the middle of last season was 7 million euros (its peak was 14) with the Treasury as the main creditor: it had to be paid 1.4 million every year until 2023 after renegotiating the agreement with the Tax Agency in 2016.

This suffocating atmosphere led the sports institution to approve a capital increase of five million euros in November 2019, which was suspended in July 2020 and revoked this Thursday, September 17 after the celebration of the Extraordinary General Meeting of Shareholders of the Society.

The reason for this cancellation is that, of those five million urgent to face this season, the Estu has achieved almost four through sponsors, other commercial partners, investors ... during the last months. However, the goal continues in all five, which has led the Board to unanimously approved a new capital increase for 1.2 million, which should be achieved within 60 days from the start of the share purchase operation : 30 days for current shareholders and 30 for potential new ones. The Ramireños would already have 200,000 approved and the achievement of the set objectives would be closer.

Hacienda

It would be the third capital increase since 2018. The first was in October of that year for a value of one million euros and the second, the one in November 2019, which, as already mentioned, has been canceled. The shareholders who participated in the latter will have two options: either to have the contributed capital reimbursed or to leave it for this new financial operation.

This is not the only front on which the directive is moving. The schoolboys negotiate a new payment schedule with the Treasury. These are positive. Not one euro of the debt would be eliminated, but the annual amount would be reduced by lengthening the payment time.



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