Martifer calls extraordinary GA meeting to approve the distribution of 4 million reserves ahead of PAO.

Portuguese metal construction company Martifer will hold an extraordinary general meeting of shareholders on October 10 to vote on the distribution of four million free reserves to the gross amount of four cents per share.

The call for the AG, presented by I’M, the Martins brothers’ company, and by construction giant Mota-Engil, has just one item on the agenda – “to discuss and deliberate on the distribution of social assets, under the terms of article 31 of the Commercial Companies Code”, says a statement sent to the Securities Market Commission (CMVM).

“It is proposed that the company’s assets be distributed to shareholders, namely, the distribution of €4,000,000.00 euros (four million euros) of free reserves, to the gross amount of €0.04 (four euro cents) per share,” the company details in a second statement. The proposal is signed by the two controlling shareholders: I’M SGPS and Mota-Engil.

This distribution of reserves occurs at a time when Martifer is waiting for the public acquisition offer (OPA) announced by Visabeira to advance, based on a tripartite agreement with the other two shareholders of the company, I’M and Mota-Engil, on the capital they do not control.

The consideration offered in the transaction is €2.057 per share, a price that has been contested by investors, who consider that the price offered does not reflect the value of the assets, nor any synergies created by the business.

Despite opposition from investors, the company’s directors have given the green light for the PAO bid, arguing that the offer is “likely to be accepted” by the shareholders and that the conditions presented are “adequate”.