November 27, 2020

MásMóvil approves its delisting from the Stock Market and begins a new period after the success of the takeover bid




New times in MásMóvil. The extraordinary shareholders meeting, in online format, has given Green light to the exclusion of the fourth operator in the country from the Stock Exchange and confirmed the five new board members Jorge Lluch Pauner, Jorge Quemada Sáenz-Badillos, Thomas Railhac, Jean-Pierre Saad and Robert Sudo who will serve as proprietary directors for the next four years. Everything occurs after success of the takeover bid launched by investment funds KKR, Providence and Cinven, through Lorca Telecom BidCo, SAU, which controls around 86.41% of the capital.

The Spanish teleco will continue trading for a few more days, predictably until next November 3, at the same time that the sustained purchase order addressed to minority shareholders who did not adhere to the takeover bid will expire and who will be able to sell their participation at the same price (22.5 euros per share).

Similarly, it has ratified the appointment as proprietary directors for the next four years, representing the new property, of Jorge Lluch Pauner, Jorge Quemada Sáenz-Badillos, Thomas Railhac, Jean-Pierre Saad and Robert Sudo

As the new owners had stated, their intention is to keep the company’s management at the helm, although the board of directors has been reduced to 11 members. Thus, The CEO Meinrad Spenger, John C. Hahn (director and member of the Appointments and Remuneration Committee) and Josep María Echarri Torres (representing the Invereade Group and vice president) continue in their positions. Similarly, the current president of MásMóvil Eduardo Díez – Hochleitner, Pilar Zulueta de Oya, who presides over the Commission of Appointments and Remuneration, and Borja Fernández Espejel, who

During the meeting, some criticism of the operation could be heard from some minority shareholders.

15 dizzying years

The CEO, Meinrad Spenger, also formalized his farewell to the Ibex 35 where he entered on June 24 of last year and after making his debut in the parks, in the Alternative Stock Market (MAB) in 2012 and having made the leap five years later to the Continuous Market. All this, in just 15 years of the company’s life. “Without the IPO this high growth would not have been possible,” Spenger acknowledged to shareholders in statements collected by EFE.

Spenger has appreciated the trust placed in his management during all these years in the Stock Exchange: «We say goodbye convinced of having created value for shareholders, for customers and for the telecommunications market being faithful to our values: focus on customers, positivism, simplicity and sustainability ”, he added.

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