Club news

THE INCREASE IN THE CLUB’S CAPITAL

26 Nov 2014
The shareholders voted in favour of increasing the capital of RC Deportivo La Coruña. Now the club has 25 months to increase the capital between €6 and €7.8 million.

Deportivo’s shareholders approved on Tuesday (Wednesday’s morning) the operation targeting to increase the capital of the club. The 96.09% of the shareholders voted in favour. The target is to collect €6 million, though it’s also possible to reach the €7.8 million. The operation will last 25 months and will be divided in five phases, with the first phase beginning on January 1st.

The club is not forced to complete the increase in the capital; instead the agreement with the Tax Agency and the major creditors was to simply approve the bill that was voted in the shareholders meeting and to at least reach the €1.5 million by the end of 2015. 

This operation consists of five phases. Each share will be sold in €60.10. The first two phases are reserved to the current shareholders. In the first phase (from January 1st to May 31, 2015) each shareholder can double their participation in the club. It means that a shareholder having 10 shares can buy new ones until the limit of 20 shares.

In the second phase (from June 1st to October 31st, 2015) the shareholders can buy shares until the limit of 1,500 (€90,150). It means that a single shareholder cannot owe more than the 1.5% of the club. In this way the board of directors is blocking the arrival of one big shareholder or corporation, which is one of the demands that the current shareholders have expressed in past meetings.

This means that the highest amount that can be recollected with the increase of the club’s capital is €7,819,971.60. The third phase (from November 1st, 2015 to March 31st, 2016) is focused in the season ticket members that aren’t shareholders. In this phase the conditions are the same as the new shareholders cannot buy more than 1,500 shares, though the target is reduced from €7.8 million to €6 million.

The final two phases are focused in persons and entities that aren’t currently related to Deportivo. In the fourth phase (from April 1st to August 31st, 2015) the club will try to get the support of the companies that currently don’t owe shares of the club, while in the fifth (from September 1st, 2016 to January 31st, 2017) the club will invite the general public. If the limit (between €6 and €7.8 million) is reached before any of these phases start then simply the operation will end up at that point.

ARCHIVE NEWS NOV/14

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