OHLA back for $57mln after Kuwait ruling
OHLA completed an €80m rights issue in January with 98.59% take-up as part of a wider recapitalisation to reduce leverage.
The company is part of a joint venture involved in the construction of Jamal Abdul Nasset Street in Kuwait that had been subject to arbitration and a Paris court has now unblocked guarantee payments, including €39.8m from OHLA.
OHLA said the payment will breach conditions of its minimum balance that were part of the recapitalisation, hence another capital increase.
On offer are 192.3m shares on a 16-for-99 basis at €0.26 per share.
Approximately €20m is guaranteed by chairman Luis Fernando Martin Amodio Herrera, vice chairman Julio Mauricio Martin Amodio Herrera and Inmobiliaria Coapa Larca. The Amodio shareholders will subscribe pro rata to their 21.6% shareholding and have committed up to €15m, with 8.4% shareholder Inmobiliaria Coapa Larca guaranteeing up to €5m. Inmobiliaria Coapa Larca is owned by Mexican businessman Andres Holzer.
OHLA said that those commitments could allow for the release of up to €15m from its agreed facilities.
All three have provided guarantees for previous fundraisings.
The shares go ex rights on April 29 and the record date is April 30, and subscription and rights trading runs until May 12. Any unsubscribed shares will be offered in a rump placing on May 16, with provision for any unsubscribed shares to be sold on May 19.
OHLA shares closed down 1.1% at €0.3255 on Monday.
Bestinver is managing the capital raise.
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