Silvia Iranzo’s resignation leaves Indra with just two independent board members

Indra Tecnocom

Renta 4 | Silvia Iranzo tendered her resignation after the cessation of 5 independent Board Members at the AGM held last Thursday.

There are now just two independent Board Members, Ignacio Martín and Francisco Javier García Sanz, who could resign very soon.

Stock Market Regulator (CNMV) chairman, Rodrigo Buenaventure, described the events at the AGM as “striking and worrying”. He added that the regulator will analyse what took place “rigorously and without haste”.


Indra’s share price fell 15% on Friday (dropping as much as around 20%) in response to the events at the AGM. We believe the suspicions that various shareholders (SEPI, Amber Capital and SAPA) acted in coordination are solid. That said, the CNMV will have to demonstrate that, which could be a complicated task.

We think the share price will tend to continue on the downward track. Target price and recommendation under review. (Previously 12,5 euros/share and Overweight).

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