Yesterday, JP Morgan carried out an accelerated placement of 83 million shares, representing 6% of the Spanish construction company’s share capital, at a discount of 9.26%.
Report by Link Securities
Yesterday, Forjar Capital, S.L. and Solid Rock Capital, S.L. – entities controlled by Mr Luis Amodio Herrera and Mr Mauricio Amodio Herrera, respectively, and major shareholders of OHLA – signed an agreement to increase their stake in the company. The transaction is further evidence of the Amodio family’s steadfast and ongoing commitment to OHLA’s business project since their initial investment in the company’s share capital, thereby reinforcing the stability of its shareholding structure. The Amodio family’s increase in their stake is a clear expression of confidence in OHLA’s prospects for positive growth, as well as in its ability to generate sustainable value for all its shareholders.
In particular, Forjar and Solid Rock, as purchasers, have entered into a share purchase agreement with Inmobiliaria Coapa Larca S.A. de C.V., as seller, to acquire a total of 100,000,000 OHLA shares representing approximately 7.22 per cent of its share capital at a price of €0.43956 per share (a discount of 10.29 per cent on OHLA’s closing price yesterday of €0.49), with the total price amounting to €43.95 million.
Pursuant to the Transaction, (i) Forjar will acquire a total of 50 million shares, representing approximately 3.61 per cent of OHLA’s share capital, and (ii) Solid Rock will acquire a total of 50 million shares, representing approximately 3.61 per cent of OHLA’s share capital. Furthermore, yesterday, for the purposes of, amongst other things, financing the Transaction, Forjar and Solid Rock entered into separate derivative agreements (collar agreements) with J.P. Morgan SE in respect of the Shares, for the purpose of financing their acquisitions.
J.P. Morgan, for the purpose of managing its exposure under the aforementioned collar agreement, will carry out an accelerated book-building process aimed at institutional investors, the terms of which will be made public via a separate insider dealing notification. Subsequently, J.P. Morgan SE (JPMSE), in its capacity as sole global coordinator and sole bookrunner, has notified the National Securities Market Commission (CNMV) that it will carry out an accelerated book-built offering aimed at qualified investors, of up to 83 M ordinary shares in OHLA, which are being sold by J.P. Morgan Securities plc (JPMSPLC), representing approximately 6.00% of the company’s share capital.
The accelerated book-built offering is being carried out in order to manage JPMSE’s exposure arising from derivative hedging transactions relating to the company’s shares, entered into by JPMSE with Forjar Capital, S.L. and Solid Rock Capital, S.L., entities controlled by Mr Luis Amodio Herrera and Mr Mauricio Amodio Herrera, respectively, and major shareholders of the company. The accelerated bookbuilding offering is being carried out on behalf of JPMSE to establish its initial hedging position in respect of those transactions.
In relation to the placement of up to 83,000,000 ordinary shares in OHLA, sold by JPMSPLC through an accelerated bookbuilding offering, JPMSE, on behalf of the Seller, hereby announces that the Accelerated Placement has been completed and that its final terms have been determined. Pursuant to the Accelerated Bookbuilding Offering, JPMSPLC has sold 83 million ordinary shares in the company, representing approximately 6 per cent of the company’s share capital, at a price of €0.4446 per share (approximately a 9.26 per cent discount to yesterday’s closing price of €0.49 per share).
