September 22, 2020

War of Communications in Day: Letterone accuses the board of cheating shareholders | Economy

This is the plan with which the managers of Dia want to save the company: fresher, less assorted and more white label | Economy

Letterone, the largest shareholder of the supermarket chain Dia, and the company's board of directors, led by Borja de la Cierva, are still immersed in a war of communications that nobody seems willing to stop. The fund of the Russian tycoon Mikhail Fridman has issued on Tuesday a new statement in which he describes as "misleading" the information disseminated by the council at the weekend, in which the dome of the company charged against the plans of the magnate, who can, he claimed, finish the company in liquidation.

The struggle for control of Dia it is resolving, day in and day out, in crossed statements in which council and maximum shareholder criticize the plans of the rival. A war of nerves with a shareholders' meeting on the immediate horizon, on March 20, and with the aim of convincing the owners not only of the benefits of their own plans but also of the wrongs of the opposite. And all in a company that lost 352 million euros last year and that is in cause of dissolution for having negative net worth.

The last chapter has arrived this Tuesday with a note in which Letterone returns the blow given by the council last Friday, completed with a presentation on Sunday. Then, the council issued a relevant fact in which it denounced that Fridman's plan to refloat the company could end up in the liquidation of the company, since it includes a capital increase of 500 million and an agreement with the creditor banks subject to a which may or may not succeed and which also has uncertain deadlines. Letterone's response is that this information is "misleading".

"Take note," says Fridman's background, "of the presentation Analysis of the LetterOne Recapitalization Plan published by the Board of Directors of DIA "this Sunday, and criticizes that" it tries to raise doubts about the viability of the integral rescue plan "of Letterone, affirms, in the first place, that the council" has not provided information "on how to carry out the capital increase of 600 million – against the 500 of the fund – and calls into question its assurance agreement with Morgan Stanley Without knowing that agreement, says Letterone that it is "deceptive" for the board to ensure that its proposal enjoys " absence of conditionality "and therefore, supposes" high uncertainty "for shareholders.

It also denounces the threat of the board to request the dissolution of the company or the insolvency of Dia if the shareholders opt for the plans of Letterone, included in the agenda of the shareholders' meeting which is celebrated on the next day 20.


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