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FC Porto SAD's explanations about debt restructuring do not convince CMVM

FC Porto SAD's explanations about debt restructuring do not convince CMVM

FC Porto Sad informed the market regulator that it was in negotiations to recast its medium and long-term debt worth 250 million euros and that it would inject capital of between 60 and 70 million euros, but the shares continued to exist. It has been suspended by the Securities Market Authority.

The explanations provided by FC Porto's subsidiary SAD regarding the restructuring of its debts and capital injection have not yet convinced the Securities Market Commission (CMVM), which has kept the sports company's shares suspended since the morning of Tuesday, April 2.

This decision was made by the regulatory body after the interview conducted by Porto club president, Jorge Nuno Pinto da Costa, with the TV station “SIC” on Monday evening, in which he revealed that in June the club will receive 70 million euros in bonus value. Business naming From Estádio do Dragão.

Pinto da Costa also addressed the relationship with Quadrantes, ensuring that the club is not a hostage of this investment fund.

“Of course. It's ridiculous. FC Porto needs a loan, and benefits from the interest payments it makes, so would I doubt who is helping me? If the Fund wants to lend more money, there is no shortage of people.” “I don't know if it's Quadrantes or not. But it's up to Quadrantis or whoever. Portuguese banks have closed the door to FC Porto, but we are working with foreigners.”

The next day, at 9:25 a.m., the CMVM suspended trading in FC Porto SAD's securities on the Euronext Lisbon Stock Exchange, “pending the release of relevant information to the market.”

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An hour after the suspension of securities trading, SAD issued a statement, “after an interview with its president,” in which it stated that it “hopes to finally conclude the contract with a prestigious international company, with recognized experience in improving commercial revenues related to large companies.” Sports equipment, until June 30, 2024”, which will lead to the acquisition of “a minority stake in one of the companies with commercial rights of the FC Porto group, through a capital injection in the amount of between 60 and 70 million dollars.” Euro, as previously reported to the market. .

Therefore, FC Porto SAD's shares will be increased by the same amount.

It added that it is in negotiations to recast its medium and long-term debt worth 250 million euros “at a competitive interest rate on market terms.”

However, trading in FC Porto SAD securities continued without resuming until the end of the market session.

When they were suspended, the shares were priced at €1.15 and had not been traded since March 27.

At the end of Tuesday afternoon, Porto SAD sent a new statement to the regulator revealing Which stipulates the signing of the contract with the company There will be an international event taking place during April, so that will be recorded Immediately and with a global value of between 60 and 70 million euros in SAD accounts, Even if payment It may not be fully completed at the time of signing.

“The aforementioned partnership will be embodied with the participation of minorities at a rate of up to 30% in a new formula A company whose purpose will be to exploit directly related business revenues With Estádio do Dragão, the most relevant is Corporate hospitalitythe tickets, naming The stadium and others are still under negotiation,” can be read in the document.

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Regarding potential new financing, SAD dos 'dragons' points out that, in the face of constant consultation with the market, In search of better financial conditions, SAD remains in negotiation, so “you cannot determine the details of the transaction, such as interest rates and/or… Associated counterparts. On this date, the closing of this transaction is not guaranteed.