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Nueva Pescanova future to be decided on 28 September

www.molajaya-fishingwork.com
Pescanova headquarters in Chapela, Redondela. (Photo: Hombredojalata)
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Friday, August 28, 2015, 01:30 (GMT + 9)

Next 28 September is the date set for the general meeting of Pescanova’s shareholders, when the merger and double segregation project enabling Nueva Pescanova creation will be addressed.
If the minimum number of shareholders is not met, the board will be held on Tuesday 29 September at the same venue: the headquarters of the multinational firm in Chapela-Redondela (Pontevedra).
In accordance with the statement made by the company to the Comisión Nacional del Mercado de Valores (CNMV), shareholders will vote on two key points: the group's restructuring and increase in the capital that will grant the management of Nueva Pescanova to the creditor banks’ group.
The seafood firm’s restructuring process would be conducted in two stages. First, the subsidiaries that dodged liquidation will be merged in Pescanova España. This company would be absorbed later by the holding Nueva Pescanova as soon as the fishing firm’s restructure is finished.
Nueva Pescanova will then launch the capital increase set under the proposed agreement with which the company emerged from the creditors’ meeting last year.
Nueva Pescanova is formed with a share capital of EUR 3,000, a figure that will increase if Pescanova’s general meeting authorizes to merge the assets and liabilities of the current company to Nueva Pescanova and approves the aforementioned capital increase.
According to the reports drawn up by Ernst & Young for the merger and segregation of the ten subsidiaries that will be integrated into Pescanova España SLU, these have a profit of EUR 27.2 million.
Pescanova closed with a net profit of EUR 1,654 million in the period January-November 2014, compared with losses for EUR 715 million for the full fiscal year 2013.
Net sales for the first 11 months of 2014 stood at EUR 901 million.
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