This afternoon, Sporting SAD made three separate calls for a general meeting on July 12, one for the company itself and two for holders of VMOCs (mandatory convertible securities) for the 2010 and 2014 editions, in practice two AGs: SAD, start at 5:00 pm, and VMOC holders scheduled for 7:00 pm, both in the Artur Agostinho Auditorium in Alvalada. In three communiqués sent to CMVM, the lions explain that there will be one item discussed and voted on, related to the “early redemption conditions” of the VMOC in Sporting SAD shares after operation announced March 4before the elections. We are talking about the redemption of VMOC, owned by the bank Millennium BCP (Novo Banco bonds were not taken into account). In particular, according to Write down It is found that the three assemblies will discuss the introduction of new conversion periods, namely from July 13 to July 31, 2022, and in subsequent years during June of each year. Valores Sporting 2010 has the following periods: December 26 of each year until 2026, and Valores Sporting 2014 is December 16 of each year until 2026.
Thus, the strengthening of the club in South Africa will be closed, the intention voiced by Frederico Varandas on February 23 – recording here. The Millennium BCP payment was guaranteed by the expectation of income. The outstanding amount was to be almost 84 million euros (83,417 million), but SAD agreed to buy back each security at 16.8 cents, well below the sale price of 1 euro. In other words, in total he paid 16.8 million euros for VMOC, which cost the bank 83.4 million euros (66.6 million euros less).
In the hands of his other creditor, Novo Banco, there is an issue for another 51.5 million euros.
