Sporting bought the mandatory convertible securities (VMOC) held by Novo Banco for approximately €15.4 million (ME), increasing its shareholding in SAD to 88%.
“Sporting Clube de Portugal announces that it has acquired 51,416,952 VMOC from Novo Banco and that, following the conversion of the above-mentioned values, it will increase its shareholding in Sporting SAD to 88%,” Sporting said in a statement. sent to the Commission on the Securities Market (CMVM).
The Lions say this is a “historic milestone” to complete the “final stage that will enable us to accelerate a new era that has already begun”, explaining that “the final step of a journey that was set out in 2018 to ensure that the club is the host your destiny.”
This transaction was carried out by advancing the proceeds of the NOS contract through Sagasta in another financial transaction also reported to the CMVM, resulting in a “net global increase of approximately 50 ME compared to the previous transaction.”
“The global value released by Sagasta currently amounts to 113,900,000.00 euros, of which 95,247,805.00 euros are allocated to Sporting SAD and 18,652,195.00 euros to Sporting Comunicação e Plataformas, SA,” he explains.
According to Sporting, the net proceeds from this transaction allowed Sporting SAD to restructure its bank debt, repaying the debt “originally owned by Novo Banco, SA (with outstanding capital of €35,403,508.62), excluding finance leases.”
“As a result, the company has changed its financial position to Sagasta only, excluding finance leases,” the document explains.
The amounts in this Novo Banco transaction increased the amounts associated with the March 2022 Millennium BCP repurchase by nine ME to a total of 23.7 ME.
Sporting believes that this environment puts an end to the financial restructuring framework agreement signed in November 2014, allowing the start of a new cycle.
“A cycle in which a club can constantly and unequivocally compete for leadership in all sporting competitions, in a sustainable and sustainable manner, with an emphasis on long-term value creation,” the Lions defend.
Sporting are also talking about the start of a “strategic planning phase 2.0”, creating the conditions for entering into a “minority strategic partnership in South Africa” to strengthen investment policies, improve the experience of all members and globalize the club.”
The club owned about 84% of SAD’s share capital, a value that has now risen to almost 89% following a change in ownership of mandatory convertible securities held by Novo Banco.
The VMOC dates back to the leadership of José Eduardo Bettencourt, who used the tool in 2011 to introduce 55 MEs into the SAD “Leonine” with a validity until 2016, in a process that was later revised by Bruno de Carvalho and Frederico Varandas.
Author: Lusa
Source: CM Jornal
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