The shareholders’ meeting of Dia will vote on the extension of 500 million Fridman

LetterOne, a company contracted by Russian investor Mikhail Fridman, has requested that the proposed capital increase of 500 million euros foreseen in its takeover bid be put to the vote at the shareholders’ meeting of Dia.

Dia announced, through a statement sent to the National Securities Market Commission (CNMV), LetterOne has requested that this vote be included in the agenda of the shareholders meeting to be held on March 20 in second call In this way, the shareholders of Dia will have to decide on the expansion of 500 million proposed and insured by LetterOne and the 600 million proposed by the board of directors of the group, an operation insured by Morgan Stanley.

“The alternative proposed by the Board of Directors obliges shareholders to choose between having to contribute additional funds in an uncertain and very dilutive capital increase, or accepting a very important and unnecessary dilution of their current investment, “LetterOne points out in the relevant event. of which Fridman controls its participation in Dia considers that the expansion proposed by the council will not give rise to the changes of the “important” operational challenges, fundamental strategy and leadership that Dia must face, neither it solves the need for capital, nor its establishes the foundations of a viable long-term capital structure.

source: expansion.com