ACS will take a capital increase of up to 574 million euros to its shareholders’ meeting in May.

ACS has called its ordinary general shareholders’ meeting for 7 May, on second call, at which it plans to approve a capital increase of up to 574 million euros, as well as the appointments of Carmen Fernández Rozado and José Eladio Seco Domínguez as independent directors.

As the group chaired by Florentino Pérez informed the Spanish National Securities Market Commission (CNMV) on Monday, the capital increase will be carried out through the issue and circulation of new shares, with a par value of 0.5 euros each, of the same class and series as those currently in circulation.

The capital increase will be fully charged to reserves, without share premium, and the new shares will be allocated free of charge to shareholders.

The company has explained that the capital increase may be implemented by the board of directors on one or two different dates.

The dates on which the capital increase will foreseeably be executed will be, in the case of the first execution, within three months of the date of the meeting and, in the case of a second execution, no later than the end of the first quarter of 2022, thus coinciding with the dates on which ACS has traditionally distributed the final dividend and the interim dividend.

The maximum amount foreseen in the first execution of the capital increase will be a maximum of 426 million euros, while the value of the second execution, if carried out, may not exceed 148 million euros. The sum of the two may in no case exceed €574 million.

Source: Expansión.