The shareholders of the media and education company Prisa approved on Monday a reduction of the share capital of 595 million euros and the re-election as non-executive president of Javier Monzón.
The meeting of the General Shareholders' Meeting has been held electronically and all the points submitted to a vote have been approved, the company has reported.
The capital reduction places the nominal value of each Prisa share at 10 euro cents.
Monzón has been re-elected with 62% of the votes in favor and 1.2% against.
Two independent directors (Javier de Jaime and Sonia Dulá) and four proprietary directors (Joseph Oughourlian, Amber Capital UK -represented by Fernando Martínez-, Manuel Polanco and Khalid Thani Abdullah Al Thani) have also been re-elected.
He did not want to renew the mandate of Javier Gómez-Navarro and his position on the Prisa Board of Directors will be redeemed, so he will now have 12 members, instead of 13.
From now on, the directors' terms will be 3 years instead of 4, as approved by the board.
The shareholders have approved the 2019 accounts (with losses of 182 million euros, 32% less than in 2018) and the management of the past year, as well as they have approved the appointment of a new auditor, who will be Ernst & Young ( EY), for this exercise and the following two.
They have also approved offsetting losses against an issue premium of 254 million and for voluntary reserves of almost 198 million, in addition to 18 million of legal reserve.
In his speech, Monzón indicated that his strategic options were reviewed in the second half of last year and that they now have a "road map" highlighting a greater differentiation of their education and media businesses.
For his part, the CEO and Chief Executive Officer, Manuel Mirat, stressed that the strategy is to strengthen and extend the company's digital businesses, both in the area of education, in which the Santillana brand stands out, as well as in the information, with Cadena Ser and El País, among other media.
"A future enhancement of assets such as Santillana, will allow us to manage the current level of leverage and achieve a sustainable balance structure that will accelerate the transformation of business," said Mirat.