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FCC Group’s Board of Directors, in its mee-
ting on 17 December, approved a capital
increase for a total cash amount of appro-
ximately €709.518 million through the is-
suance and distribution of 118,253,127 new
common shares for a unit price of 6 euros
per share. FCC shareholders will hold pree-
mtive rights to the new shares.
FCC core shareholders (Esther Koplowitz
and Inversora Carso) have both informed
the Board of Directors that they are commit-
ted to subscribing, directly or indirectly, the
total number of shares that is proportional
to them in the exercise of their preemtive
rights. Inversora Carso has also affirmed its
commitment to subscribe surplus shares in
the event that, upon completion of the pre-
ferential subscription period and the additio-
nal allocation period, there are unsubscribed
shares left over.
The capital increase was agreed upon within
the framework of the authorisation granted
during the General Shareholders’ Meeting
held on 25 June 2015. The primary aim is
to reinforce the company’s capital structure
and reduce the level of FCC Group debt.
Chief Executive of the Group, Carlos M. Jar-
que, informed the Board that the funds ob-
Inversora Carso
expressed its commitment
to subscribe the
surplus shares in the event
that some shares
remain upon completion
of the process
The Group’s core
shareholders
(Esther Koplowitz
and Inversora Carso) have
reported that they will,
directly or indirectly,
participate in the
capital increase
Shareholders may
subscribe the new shares
at a price of
6 euros/share
tained through this process will be used to
repurchase discounted debt resulting from
the so-called Tranche B and to financia-
lly back the subsidiary Cementos Portland
Valderrivas. The funds will also be used for
general corporate purposes. In this regard,
FCC aims to exercise its preferential subs-
cription rights in the capital increase annou-
nced by Realia on 10 November.
The capital increase agreed upon by the
highest governing body of FCC is subject to
the double condition precedent of obtaining
authorisation from its main financing bodies
to use the funds from the increase and of
their commitment to proceed to sell, with a
discount of at least 15%, a minimum amou-
nt of debt arising from Tranche B of the fi-
nancing agreement that entered into force
on 26 June 2014.
FCC’s
Board of Directors
approves €709.5 million
capital increase