Madrid, (EFE) will participate with 5%, as well as by the reduction of the share capital to 60,000 euros.
This is a restructuring plan that has been approved by the Board of Directors on March 31, which contemplates a removal of 80% of the 167 million euros of debt and a capital reduction of 139 million, all with the objective to give continuity to a company, which, as its main shareholder, José Elías, recalled in his speech, “was in the UCI”.
With this plan, the action will go from costing 0.30 euros to 0.00013.
At the meeting, Ramón Salas Martín, representative of the second shareholder, Eralan Inversiones, has requested that the meeting be declared void, a matter that has not been voted on because it is an extraordinary session, whose only item on the agenda is the plan of restructuring.
Salas Martín has criticized, among other matters, the “favorable treatment” that in his opinion had been given to the main shareholder, José Elías, taking into account that he will participate with 32.5% in one of the two companies (the telecommunications ) into which Ezentis will be divided, after putting an additional 6 million euros.
José Elías: “I felt cheated” by the Ezentis Board
After this intervention, José Elías has come to the podium and has offered Eralan Inversiones to replace him if he is willing to put up the 6 million euros, since he has “no interest” in participating in this new company. “I give them the account number and they take over that 32% of the company,” he has snapped at him on more than three occasions.
José Elías has claimed to have called Earlan Inversiones “ten times” to find a solution.
After having put 38.5 million in Ezentis, he had no intention of putting another 6 million more, insisted José Elías, who has confessed that he felt cheated.
This plan was approved by the Board of Directors in March, months after the Sociedad Estatal de Participaciones Industriales (Sepi) rejected in June 2022 giving support to the group from the Solvency Support Fund for Strategic Companies (Fasee) for 70 million euros.
“After this frustrating, unexpected and disappointing episode”, the Board of Directors continued with other alternatives for a viability plan, as recalled by the non-executive president of the company, Enrique Sánchez de León.
Two new societies
In accordance with this plan, the group will proceed to its corporate reorganization, which will give rise to a new differentiated structure, on the one hand, one dedicated to telecommunications, Ratia Investments, in which Ezentis will have a 5% stake, and the other, Ezentis Soluciones Tecnológicas and Engineering, which will have 100%.
Ratia Investments will be 32.5% owned by Excelsion Times (José Elías), which will contribute 6 million euros; Insyte, which will have 42.5% and will put another 10 million, while Banco Santander, EBN Banco de Negocios and Muzinich Pan-European Private Debt Luxco will add 20%. Ezentis will have a 5% indirect participation.
With this plan, the debt of 167 million euros will be reduced to 43 million, which will be housed entirely in Ratia Investments and which is expected to be repaid in 2029, according to Antonio Grajera, the group’s financial advisor.
Antonio González Bara, representative of the third shareholder of Ezentis, also spoke, attacking the former CEO Fernando González, who “got off scot-free without the board” doing anything, and who praised the performance of José Elías, “the main victim”.
For the moment, Ezentis has ceased to operate on the Stock Market, after the National Securities Market Commission (CNMV) temporarily suspended its listing. EFE