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SHAREHOLDERS MEETING: ABANCA OWNS DEPOR

29 Jul 2020
ABANCA has capitalized €35 million of the debt and is now the main shareholder of the club. It was the decision made by the shareholders meeting held on Tuesday.

ABANCA is now the main shareholder of Deportivo, for now with 78% of the shares in an operation that will change according to the response from the public. This was decided in the extraordinary shareholders meeting had on Tuesday.

The extraordinary shareholders meeting had 184 shareholders represented in the meeting, 42.81% of the club’s capital was represented according to the words of advisor Tońo Armenteros (a minimal of 25% was needed in order to decide in the points of the agenda).

Advisor Miguel Otero talked at the start of the meeting and denounced that there was a €4 million deficit in the books of the club, also that the debt of the club was inferior of what was initially reported (€20 million according to him), later he complained of conflicts of interest inside the club for the way the subsidiaries have been handled in recent years. He also opposes to the increase of capital by ABANCA.

Otero presented documentation to prove what he was saying (around 600 pages), later Armenteros remined that the board of directors requested in the past for this documentation, but that it was until the meeting that the advisor was presenting these documents. The advisor stated that the club will study the documents and the meeting continued.

The meeting had three points in the agenda. The first was the capitalization of the loan gave by ABANCA (around €5 million) that allowed the operations made during the winter window. The second point was to allow ABANCA to capitalize part of the debt that the club currently has with the bank. The amount is around €30 million. And the third point was to allow the shareholders to participate in the increased in an operation for €35 million. The last capitalization will be divided in phases and will end on October 3.

President Fernando Vidal added a fourth point in the agenda: the dismissal of Miguel Otero as a member of the board of directors, it wasn’t a surprise as it was known the conflict between Otero and the other members of the board of directors. With this proposal, the number of members in the board will be reduced to seven as it wasn’t proposed any replacement for Otero.

Before the voting process, president Vidal addressed the audience and said that the fans shouldn’t be worried about the arrival of ABANCA, "I can guarantee that this doesn’t seem like a speculation operation to me. There is gratitude towards the city, with the entity and the best way to complete it is to enter into the club."

He also said that the board will continue to defend the club in the fight for the case with FC Fuenlabrada, "I don’t come here to make a career in football, I don’t care to face Tebas or Rubiales. I will fight to the end and the last consequences, even if I have to leave as president, in the federation or in the courts. I don’t consider myself as the president of a relegated club. I’m convinced that we will be at Segunda División on next season."

Later the president revealed the results of the voting process. The point 1 (capitalization of €5 million by ABANCA) was approved by 96,67% of the shareholders (71,058 shares). The point 2 (capitalization of €30 million by ABANCA) was approved by 96.67% of the shareholders (70,893 shares).

The point 3 (capitalization of €35 million by the rest of shareholders) was approved by 96.93% of the shareholders (71,079 shares). The point 4 (dismissal of Miguel Otero) was approved by 82.53% of the shareholders (70,893 shares).

With the capitalization of the debt approved on Tuesday (€35 million), ABANCA is now the main shareholder of Deportivo. The bank has now the 78% of the club’s capital, this percentage could be reduced to 48% if the rest of shareholders complete the third capitalization approved today (€35 million).

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