Approved the capital increase
He received the support of 99.94% of the share capital represented in the Extraordinary Shareholders Meeting
Shareholders have approved increasing the share capital up to €150,000,000.00 with the support of 99.94% by issuing up to 25,000,000 new shares of €6,00 nominal value each one. They proposed at the Extraordinary Shareholders Meeting held at the Fira de Cornellà. Once published in the Mercantil Register, shareholders will have preferential subscription period during a month only. In case that the enlargement is not covered, new deadlines to try to complete it will be opened.
This was one of the key points in the agenda of the EGM in which was previously approved the appointment of Chen Yansheng as president and his Board of Directors. The shareholders support will allow the club to soon start the capital increase that should allow the club to move forward and lay a solid basis for the future. "Believe in us," said Chen Yansheng in his final speech.
It has also been approved the capital reduction in an amount of € 21.999.770,14 by reducing the nominal value of all shares representing the capital of the Company by an amount of € 54.10121, being fixed the nominal value per share to €6.00 , in order to restore the balance between capital and equity of the Company diminished due to losses, based on the balance closed on January 1st, 2016 verified by the auditor accounts of the Company.
The counselor responsible for the legal area, Adolf Rousaud, explained that Rastar Group set three conditions to carry out the operation. "The operation had to be designed respecting current shareholders, preserving rights of all shareholders and ensure that they can go to the capital increase and, finally, buy the shares at the same value as in the first operation", he said. Rousad, who revealed some details of the situation Rastar Group found when they entered the club, he said that the group has invested 136.8 million euros in Espanyol. "We have submitted an unqualified audit; it did not happen for a long time. We want to put the basis from the financial point of view so that the club can develop a sports project in accordance with its history", he concluded.