Club news

SHAREHOLDERS MEETING IN NOVEMBER

23 Oct 2014
The club announced that the next shareholders meeting will take place on November 24/25. The board of directors will present the financial reports, the budget, the results of the due diligence plus the plan to increase the club’s capital.

The first shareholders meeting with president Tino Fernández on board will be a really busy day. It’s an ordinary and an extraordinary meeting that will assess the first year of the president. The act is taking place on November 24 or 25. First to all the club will present the financial reports of the season 2013/14. It must be remembered that these reports were rejected by the shareholders back in December when Lendoiro was still the president of Deportivo.

Now the club will present the reports again and also will present the budget of the current season. According to newspaper La Opinión A Coruña the budget for the current campaign will be for €30 million. The board of directors will also present Auren Auditores as the new auditor of the club.

But the attention will be focused in other two things: the due diligence and the increase in the club’s capital. The new board of directors ordered an investigation of past issues during the period with Lendoiro. It was something promised by Tino Fernández during his presidential campaign.

According to the preliminary inform released by the club the new board of directors will inform of the current demands presented by former workers, like the case of Conchado, the ex-lawyer of the club. Another issue that’s calling the attention is an investigation by the Spanish Treasury regarding the transfer of Filipe Luis to Atlético Madrid.

Apparently the club didn’t declare the VAT of one of the payments made by Atlético, amount calculated in €360,000 (18% of €2 million), which was part of the bonus in the transfer after Filipe was played a certain number of games with the Madrilenian club.

About the increase in the club’s capital, it was one of the conditions stipulated in the agreement with the creditors signed in January. The club is forced to attempt the increase, calculated in €7.8 million. Deportivo have 25 months to cover this increase and €1.5 million should be covered by December 31, 2015. President Tino Fernández has said that this operation is “affordable”

In this phase to increase the capital anyone could buy shares of the club, though the current shareholders will have more facilities to increase their participation. According to several reports the plan of the board of directors is to limit the participation of any interested shareholder to only €90,000. The increase will raise the club’s capital to €14 million. In order to approve this point the club needs the votes of at least the 25% of the shareholders.

ARCHIVE NEWS OCT/14

ZAPPING

 


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