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Saturday, June 25, 2022

Indra crashes nearly 14% after board changes

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Shares of Indra plunged nearly 14% around 9:30 a.m. after Sociedad Estatal de Participaciones Industriales (SEPI), SAPA Placencia and Amber Capital turned Indra’s board on its head after making Jokin Aperribay the proprietary director of the company Basque group and promoted the dismissal of four independent companies directors at yesterday’s general meeting.

Notably, the company’s shares, which started the session down more than 7%, lost 13.82% at 9:25 am to trade at a price of $9.73.

During the interventions, a representative of Amber Capital, which owns just over 4% of Indra and is the largest shareholder of Prisa, requested that an item be removed from the agenda of the meeting with the aim of increasing Alberto Terol, Carmen Aquerreta, Ana dismissed de Pro and Enrique de Leyva.

Likewise, the re-election of Isabel Torremocha, also an independent, was not carried out, leaving the newly appointed Francisco Javier García Sanz and Silvia Iranzo as the only independents.

Aperribay, a member of SAPA Placencia’s founding family, won 53.1% of the vote to become a director despite having a report against the Compensation Committee. A percentage virtually identical to that of shareholders who supported the layoffs.

Along with Aperribay, Miguel Sebastián, Antonio Cuevas, Francisco Javier Sanz and Luis Abril, all with votes of over 90% of shareholders, this executive has renewed his mandate as directors.

The board resulting from the meeting consists of two independent directors, three proprietary directors, the company’s president, Marc Murtra, as another external director, Abril and Ignacio Mataix as executive directors, Guillermo Guerra as secretary and Fabiola Gallego as deputy secretary of the board .

These should soon be joined by Juan Moscoso, who will be SEPI’s third director after the public holding company has surpassed 25% of the capital, allowing it to elect a new representative.

With this meeting, a governance crisis between SEPI and part of the independents, triggered last year with the replacement of Fernando Abril Martorell, is considered closed, as the public body intends to launch a “new phase of the company”.

Source europapress.es

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