Competition news

FOURTH PHASE IN THE CAPITAL INCREASE

13 Nov 2016
Poor numbers from the fourth phase in the operation to increase Deportivo’s capital as the club only sold 231 shares. Still, the milestone requested by the Tax Agency was already fulfilled.

Deportivo announced during last week that it already sent the paperwork to the national register in order to settle the closure of the fourth phase in the capital increase operation. The club reported that it sold 231 shares during this phase, which meant to collect €13,883.10.

This phase was focused in entities that weren’t linked with Deportivo before the start of the operation, and the true is that the numbers were poor as in the previous phase, the third one focused in the season ticket members that weren’t shareholders, the number of shares that were sold was 10,855 (the collected money was €652,385.50)

The operation to increase the capital of the club was launched in November of 2014 with the target of collecting €6 million during 25 months and was divided in five phases. With the first four phases closed the club has collected more than €1.5 million, in other words only the 25% of the target. The club’s capital has now been raised to €9.4 million.

The final phase from September 1st, 2016 to January 31st, 2017) allows anyone interested in buying shares of Deportivo, in any case there’s a limit of 1,500 shares that can be bought for each subscriber (€90,150). It’s unlikely that the club will cover the target of €6 million originally planned, but it won’t affect the club as the only obligation imposed by the tax agency was to cover an increase of €1 million. The reader should have in mind that this operation was only launched because the tax agency imposed this measure as part of the conditions in order to negotiate a new deal to pay the debt with the Treasury.

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