Global Media shareholders are meeting this Monday at an extraordinary general meeting to discuss the future of the company, with a proposal for a capital increase and at a time when an agreement has been reached with the WOF fund.
The convening of the main meeting at the request of KNJ Global shareholders, Kevin Ho and Jose Pedro Soeiro, is scheduled for 11 a.m. and includes five items on the agenda, including an assessment of the economic and financial position of the company, the election of a new Board of Directors and a new Supervisory Board “for the period remaining in mandate” and discuss the proposed capital increase.
The latest proposal is to increase the capital of the company in the amount of 5,000,001.59 euros through new cash contributions to be made by the shareholders of the company within the period established by the general meeting, respecting their rights, preferably in legal terms and accordingly changing the numbers 1 and 2 Article 4 of the company’s charter.”
Another of the planned items was an assessment of the leadership of Global Media (GMG) and a discussion on the dismissal of the board of directors, but on January 31, the then president of the company’s executive committee, José Paulo Fafe, resigned as he believed that “they have exhausted the conditions for fulfilling their functions.” .
On January 18, GMG administrator Paulo Lima de Carvalho resigned from the board of directors and executive committee, decrying “financial asphyxiation” and broken promises that made conditions for the group’s continuation unfeasible. The departure occurred on the same day as that of administrator Filipe Nascimento, after Diogo Agostinho left the body on December 23.
On Friday, Lusa said Páginas Civilizados had already reached an agreement with the World Opportunity Fund (WOF) to find a solution for Global Media, a source connected with the process that would involve exiting the fund said.
“An agreement has already been reached with the fund [WOF] find a solution” for Global Media Group, the same source contacted by Lusa said, adding that the next step would be to notify the competent authorities.
According to the ERC, Páginas Civilizada’s actual participation in GMG amounts to 50.25% of capital and voting rights. This position is calculated from the sum of direct ownership of 41.51% and indirect ownership through Grandes Notícias Lda of 8.74%.
The WOF Fund owns 51% of the share capital and voting rights of Páginas Civilizados, having a share of 25.628% of the share capital and voting rights of GMG.
On Thursday, the ERC Regulatory Council published a draft decision determining the application of Article 14 of the Transparency Law to WOF “due to the lack of transparency in determining the chain of attribution of qualified participation in Páginas Civilizados.”
Thus, according to the terms of “Articles 121 and 122 of the Administrative Procedure Code, interested parties were instructed to provide comments on the draft decision of the Regulatory Council within a maximum period of 15 working days.”
The ERC also stated that, in fulfilling its mission to promote independence, pluralism and transparency, “and seeking to ensure that a solution exists that will make editorial projects viable, the possible application of Article 14 does not prevent the transfer of ownership of qualified participation.” in question, provided that if there is sufficient evidence on the regulator’s part, “the outcome provides an unequivocal remedy for the lack of transparency,” the statement said.
“If doubts are not resolved, the ERC will advertise a lack of transparency,” he added.
On February 6, the signing of an agreement to purchase a number of newspapers and magazines from Global Media and TSF was confirmed by a group of investors and businessmen led by Diogo Freitas.
According to Expresso, shareholders Marco Galinha, Kevin Ho, José Pedro Soeiro and António Mendes Ferreira “will continue to be shareholders of the new company that will be created to pool the global securities that will be acquired” and will own “30% of the capital and a further 9% will be distributed among the workers.”
As the name suggests, the remaining 61% is in the hands of four new investors: OTI Investimentos (a company controlled by the Diogo Freitas family), Parsoc — Investimentos e Participações with distribution business and Ilíria — Consulting and Management Services, which were previously Marco’s partners Galinha in Global Media, and Mesosystem, working in the cosmetics industry.
Grupo Bel, owned by Marco Galinier, indirectly owns 17.58% of GMG shares. KNJ, owned by Kevin Ho, owns 29.350%, while Jose Pedro Soeiro owns 20.400%.
Author: Lusa
Source: CM Jornal
I’m Dave Martin, and I’m an experienced journalist working in the news industry. As a part of my work, I write for 24 News Reporters, covering mostly sports-related topics. With more than 5 years of experience as a journalist, I have written numerous articles on various topics to provide accurate information to readers.