Portugal Telecom (WKN:895464)
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The president of Pharol, a shareholder of Oi through Bratel, was suspended from duties in the management of the Brazilian operator.
https://www.jornaldenegocios.pt/empresas/...do-da-administracao-da-oi
Luís Palha da Silva and Pedro Morais Leitão, members of the administration of the Brazilian telecommunications operator Oi through Bratel - the subsidiary of Pharol in Brazil and which holds 27% of the company under judicial reorganization - are among those responsible for being suspended for decision of a court in Rio de Janeiro.
The information was advanced in a statement from Oi , which notes that on Wednesday, March 7, the ruling of the 7th Business Court of the District of the Capital of the State of Rio de Janeiro [court having the his position the company's judicial recovery plan] in this sense.
The court, Oi stresses, "fully accepting the opinion of the Public Prosecutor, suspended the political rights of the subscribers of the minutes of the Extraordinary General Meeting of February 7, 2018, except those who abstained from voting, and determined the removal of members of the board of directors elected by them, until the capital increase provided for in the company's judicial recovery plan ".
Under the terms of this decision, the shareholders Bratel S.A.RL, Société Mondiale Investment Fund [Brazilian businessman Nelson Tanure], Petrorio SA and Aurélio Valporto, among others, have their rights suspended, the statement added.
"Consequently, the members of the Board of Directors elected by them, Messrs. Luís Maria Viana Palha da Silva, Pedro Zañartu Gubert Morais Leitão and Helio Calixto da Costa, are removed from their positions," the document continues.
The decision also determined "the summons of the current directors and president of the company and the shareholders whose political rights were suspended, to express their interest in initiating a mediation procedure," he concludes.
Hélio da Costa was Communications Minister in Brazil, and, according to the Brazilian press, is linked to shareholder Nelson Tanure. This Wednesday evening had already been communicated his departure from the administration of Oi, having been advanced that this withdrawal happened at his request.
In that same statement , Oi also advanced the departure of the Portuguese company Vicente Ribeiro from the Brazilian operator, in the scope of approval of "changes in the company's organizational structure".
Hélio Costa and Vicente Ribeiro had been appointed on November 3 to the board of Oi, remaining as administrators of the Brazilian company. But both had been barred, on 19 November, by the court from participating in decisions involving judicial recovery. At that time it was said that the decision was provisional, but now both leave the company.
It is recalled that the deadline for Oi's creditors, including the Portuguese, to choose their option to receive the loans they made to vehicles that are now owned by the Brazilian company ends today.
The advances and retreats of the capital increase
Pharol was one of the shareholders who opposed the recovery plan (a process started in 2016 aimed at reducing the company's liabilities, which is around € 65.4 billion) approved at the meeting of creditors in December, which was promoted by its president, Eurico Teles, by court order, without having gone to the approval of the then board of administration of Oi.
To this end, the company led by Palha da Silva called a GA that took place on February 7 and the shareholders present approved the filing of actions against the directors of the company and their replacement.
But the very next day, Pharol was judicially defeated in its intention to replace Oi's management, as the Brazilian court agreed with the Brazilian operator's intention to suspend the deliberations taken at the extraordinary general meeting convened by the Portuguese company.
Subsequently, on March 5, Oi's board of directors approved the aforementioned legal reorganization plan, which Pharol wanted to have no effect.
However, this Tuesday, March 6, a new turnaround: Pharol was able to halt Oi's capital increase in the recovery plan. According to a statement from the Portuguese company, the Market Arbitration Chamber (CAM) of Brazil "decided to partially approve the request for emergency measures presented by Bratel."
CAM then ruled that Oi was prohibited from moving forward with the capital increase, which is a key factor in the operator's recovery process. However, in today's press release, citing the aforementioned court in Rio de Janeiro, the Brazilian company says it has the green light to move forward with the planned capital increase.
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09 de março de 2018 às 07:30
https://www.jornaldenegocios.pt/mercados/detalhe/...ara-comecar-o-dia
Hi and Pharol to the taste of new developments
The biggest rise yesterday in the Lisbon square belonged to Pharol, which shot 10.85% to 0.235 euros, in a session in which fell more than 3%. After the closing of the session, Pharol contested the removal of Luís Palha da Silva and Pedro Morais Leitão from the Oi administration, saying that they are not in the Brazilian operator on behalf of the Portuguese company and announcing that it is going to arbitration.
These advances and setbacks in the litigation between Oi and Pharol have focused the attention of investors, now awaiting further developments.
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In the context of the creditors' choice to receive their debt, it was concluded that the larger bondholders prefer the conversion into capital. They will keep 71% of Oi.
Alexandra Machado amachado@negocios.pt
17 de março de 2018 às 13:55
Oi's creditors will hold 71% of the company's capital, which means dilution of the current shareholders' position, including Pharol, which holds 22.24% of the Brazilian operator.
According to the first data released by Oi concerning the credit conversion process, current shareholders will be diluted by 71%, which is to say that this was the percentage of their debts, chose the conversion of credit into capital.
So Pharol, who has been against this conversion that will give more power to creditors, will be, as Business already explained, with less than 7%.
Pharol has, however, and when notified the period for the capital increase that will allow such conversion of credits, a period in which it may exercise its preemptive right in such capitalization. Luís Palha da Silva, president of Pharol, had previously - before the war that worsened with Oi - had admitted to going to the capital increase, but was studying the form.
It is not yet known what will make Pharol who attempted to arbitrate this increase in capital, and even in a first stage succeeded. But a higher court has upheld Oi saying that it is the court, which has the recovery process in hand, that decides the proceedings and that the capital increase is to proceed.
This capital increase by conversion of credits is foreseen in Oi's recovery plan, approved in December, and has since been contested by Pharol precisely because it considers that the current shareholders were being excluded from the recovery. It is that the plan was only approved in a meeting of creditors and approved by the court that has the process, but did not reach the shareholders nor the board of directors as a whole.
The plan therefore continued for its implementation. And Oi has established until March a deadline for creditors to choose the mode of payment of their loans. Most qualified lenders chose to receive in shares.
"The potential dilution that would result from the future distribution of PTIF shares (as defined in the Plan) and the future issue of new ordinary shares and subscription bonus, in the context of the capital increase approved at the Board of Directors' meeting held on March 5, 2018 , would be approximately 71%, "Oi said in a statement. In the plan it was predicted that this position could go up to 75%.
At that meeting on March 5, although the two administrators of Oi who belong to Pharol - Luís Palha da Silva and Pedro Morais Leitão - participated in an audioconference, they voted against it.
Flávio Nunes
19 March 2018
https://eco.pt/2018/03/19/...i-podera-diluir-posicao-da-pharol-ate-6/
Pharol's position after Oi's capital increase could be diluted by up to 6%, a source told ECO. In a more favorable scenario, the company owns 10% of the operator. Currently, it has more than 27%.
Luís Palha da Silva, Chief Executive Officer of Pharol.
The position of the Portuguese company in Oi could be diluted up to 6%.
But negotiations are still under way that may dictate a more favorable scenario.
Oi's capital increase moves forward under the terms currently defined, Pharol's majority interest in the Brazilian operator, excluding treasury shares, may be reduced to around 6% , ECO learned from a source associated with the process.
At best for the Portuguese quota, keeping everything constant, the share of Pharol would be diluted to about 10%. M is a scenario that is now distant : Oi has already revealed that the creditors chose to keep 71% of the company , a value a little below the maximum of 75% conversion established in the plan.
Pharol
Pharol
Telecommunications
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PHR PHAROL SGPS, SA 0.239 € ↓0.42%
Oi's capital increase may shrink Pharol's position from 27% to 6%
19 March 2018
Top court gives Oi reason for conflict with Pharol. Capital increase is to move forward
March 14, 2018
Pharol accuses Oi of failing the truth. Opt out of administration
March 8 2018
Justice removes Portuguese Pharol and Société Mondiale from Oi's board
March 8 2018
In shock with Pharol, Oi has two days to deliver
March 7 2018
Hi in collision with Pharol. Insists on advancing the capital increase
6 March 2018
Pharol halts capital increases from Oi
6 March 2018
Portuguese stockholders at war with Brazilian Oi
February 9, 2018
Hi does not recognize legality and effect of an assembly that approves actions in court
February 7, 2018
Oi shareholders approve actions against president and director
February 7, 2018
About Us |
Today, the company led by Luís Palha da Silva, who inherited these assets from Portugal Telecom's former holding , owns approximately 27.4% of Oi's common shares. It is Oi's largest shareholder through the subsidiary Bratel. But Oi faces a judicial recovery process in Brazil to avoid bankruptcy, which provides for the conversion of debt into shares (according to the will expressed by creditors) and the injection of more capital.
In advance, these operations, which aim to make Oi's continuity feasible, could raise the company's capital up to 33.73 billion reais, or 8.3 billion euros, diluting Pharol's position to close to 6% , source told ECO . This will be one of the reasons why the Portuguese company has been trying to stop the capital increase , until now without success.
Despite the figures advanced by the source, the ECO made the calculations based on public information of the shareholder structure of Oi, information disclosed by Pharol ↓PHR 0.42% and a document submitted to the Brazilian market by Oi , with details on the conversion operations of debt in shares and capital injection.
The conclusion is that in the scenario most favorable to Pharol, the company would control 10.7% of Oi, keeping everything constant and not counting the preferred shares (which do not undergo changes in the capital increase and of which Pharol does not have) or purchase options. But, as explained, it is a scenario that should not materialize, given that preliminary results show that most lenders chose to convert debts into equity.
However, in the worst case scenarios, which should be the closest to reality, Pharol's current position in Oi should be diluted to 7.55%, according to ECO calculations, or less (as already indicated, source admitted that it could reach close to 6%). Despite this information, the ECO found that there are still ongoing negotiations that could dictate a more beneficial scenario for Luís Palha da Silva's company after Oi's capital increase.
Hi
Hi
Telecommunications
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OIBR4 Oi SA 3.73 - 0.00%
Oi's capital increase may shrink Pharol's position from 27% to 6%
19 March 2018
Top court gives Oi reason for conflict with Pharol. Capital increase is to move forward
March 14, 2018
Pharol accuses Oi of failing the truth. Opt out of administration
March 8 2018
Justice removes Portuguese Pharol and Société Mondiale from Oi's board
March 8 2018
Is injured PT / Hi? You have until today to say how you want to receive the credits in debt
March 8 2018
In shock with Pharol, Oi has two days to deliver
March 7 2018
Hi in collision with Pharol. Insists on advancing the capital increase
6 March 2018
Pharol halts capital increases from Oi
6 March 2018
Injured PT / Oi have another ten days to choose payment method
February 27, 2018
Portuguese stockholders at war with Brazilian Oi
February 9, 2018
About Us |
For calculations, the ECO took into account a value of 183,041,223 common shares held by Pharol, or 27.4%. And it considered that there are 668,033,661 ordinary shares of Oi. The final value of Pharol's position after capital increase always depends on the amount of capitalization of credits, that is to say, it is conditioned by the payment method that the creditors chose in the process of payment of debt .
This process, which was supposed to be completed in February, ended on March 8, as ECO reported . The preliminary result of the creditors' choice was revealed to the market by the end of Friday.
Aktuell liegen die Prefs irgendwo bei 84 Cent. Im Moment sehe ich nicht viel Überraschungspotenzial und bin nicht mehr so zuversichtlich gestimmt wie früher. Ob der Markt den Wert korrekt einschätzt, oder sich noch in einer Untertreibungs-Phase befindet, mag ich nicht beurteilen.
Rio judge confirms suspension of Oi shareholders' political rights
March 26, 2018, 7:15 p.m.
https://www.conjur.com.br/2018-mar-26/...itos-politicos-acionistas-oi
Due to disregard of court orders, Judge Fernando Viana of the 7th Business Court of Rio de Janeiro denied a request from Bratel Serviços de Telefonia, Oi's largest shareholder, to have the decision revoked suspending the political rights of the shareholders who approved the change of the company's management at a parallel general meeting.
At that time, the main shareholders of Oi - Pharol and Société Mondiale - decided to remove Eurico Teles and Carlos Brandão and to bring civil liability action against them for alleged damages caused to the company. In addition, the shareholders elected Pedro Leitão, who is a consultant to Pharol, as president, Thomas Reichenheim as chief financial officer and Leo Simpson as legal director.
The next day, the measures were suspended by the substitute judge of the 7th Business Court of Rio de Janeiro, Ricardo Lafayette. He said that the stockholders' deliberations are illegal, as they contradict Oi's judicial recovery plan. Subsequently, Fernando Viana suspended the political rights of the shareholders who signed the minutes of the extraordinary general meeting.
For Viana, it is a "wide-open affront" to the court's decisions in parallel to what was determined by the court that approved Oi's recovery plan.
The judge also ordered Oi and Bratel to notify the composition of the entire Board of Directors, and the appointment of each director, in order to consider the request for clarification of the names of the suspended members. With information from the Press Office of TJ-RJ .
Revista Consultor Jurídico , March 26, 2018, 7:15 p.m.
Machen die immer noch so viel verluste?
Alberto Teixeira
7:05
Oi presents the accounts for 2017 after the closing of the Brazilian market. Analysts polled by Reuters point to losses of 3,690 million reais (almost 900 million euros). The Brazilian operator reports the results in the middle of a war between management and shareholders, including Portugal's Pharol, which holds 22% of Oi, but will see its participation reduced following the debt-to-equity swap.
https://eco.pt/2018/03/28/5-coisas-que-vao-marcar-o-dia-142/
Ansonsten hätte der ganze Restrukturierungsplan doch keinen Wert, wenn die in ein paar Jahren wieder da stehen, wo sie vor der Restrukturierung standen.
Es gibt also Marktteilnehmer, die große Stückzahlen zu dem aktuellen Niveau kaufen.
Der aktuelle Widerstand liegt bei 4,80.
Jetzt braucht es also gute Nachrichten wie:
- den endgültigen Abschluss der Restrukturierung
- Operative Gewinne
- Bessere Einstufung der Bonität
- eventuelle Fusion mit der TIM
- Veränderte Investitionsbedingungen durch die Regulierungsbehörde
uvm.
Angehängte Grafik:
oibr_30.png (verkleinert auf 36%)
oibr_30.png (verkleinert auf 36%)
Alexandra Machado amachado@negocios.pt
02 de abril de 2018 às 23:43
https://www.jornaldenegocios.pt/empresas/...-com-processo-de-mediacao
Pharol and Oi advance with mediation process
Pharol and Oi, who have been locked in an arm-in-arm over the process of judicial recovery of the Brazilian operator, have agreed to enter into a mediation process. The investor Nelson Tanure joins in this arbitration.
Pharol, through its Brazilian subsidiary, Bratel, agreed to enter into a mediation process with Oi, after having suspended the voting rights of the Brazilian operator.
In a statement, Pharol says that "as part of the judicial recovery process of Oi, a decision has just been issued ordering the initiation of a mediation procedure between Bratel, Société Mondiale [de Tanure] and recoveries." Juliana Loss was named mediator of the conflict.
The decision was approved by the Rio de Janeiro judge who has the recovery process in hand, which in this determination ends by saying that "it will be better for everyone if this climate of instability and disrespect for judicial decisions is stalled so that the Oi group can recover and get out of this process more strengthened. "
Pharol has from the outset shown its opposition to the fact that the recovery plan was approved only at a meeting of creditors, not by the board of directors where it is represented neither by the shareholders' meeting. He therefore tried to assert his position at an extraordinary general meeting convened to approve parts of the recovery plan, requesting his lead, while proposing at that meeting to institute legal proceedings against Oi's president, Eurico Teles, and the administrator Carlos Brandão.
The meeting was held with few shareholders, who were only able to approve the processes - the remaining points were left to vote for lack of a quorum.
After the meeting, the court considered the approvals null and void and suspended the administrators associated with Pharol and Nelson Tanure, but also suspended voting rights, but showing a willingness to proceed with a mediation process. What just happened.
The judge warned, however, that the lifting of these restrictions remains to be decided. And leave a message: "Acts that face judicial decisions will never be tolerated by this judgment."
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Wertpapier: Pharol |
Entweder OI war 2011-2012 massiv überbewertet, oder heute unterbewertet.
Solange OI nicht steigt kann der Kurs von Pharol weiter nach Süden gehen.
Sara Antunes saraantunes@negocios.pt
13 de abril de 2018 às 10:58
https://www.jornaldenegocios.pt/empresas/detalhe/...era-ficar-com-766
The telecom operator should anticipate the completion of the debt conversion process in about a month, Oi's financial manager told Valor Econômico newspaper. Pharol should see its position reduced to 7.66%, according to the same publication.
Oi should complete debt conversion sooner. The date set for the end of this operation is July 31, but the company's financial manager, Carlos Augusto Brandão, told Valor Econômico that the intention is to end the operation in June.
This measure will dilute the position of the current shareholders, since it converts debts into capital. Just yesterday it was revealed that Oi's creditors should hold 72.12% of the company's capital.
Pharol owns 22.24% of Oi and, in the process, is expected to hold 7.66%, according to the same publication.
Oi's financial manager also said in the same interview that he expects the capital increase, which will exceed 4 billion reais (956 million euros), in the fourth quarter of the year.
Pharol, which will thus have less than 8% of the capital of Oi, has, when notified the period for the capital increase, a period in which it may exercise its preemptive right in that capitalization.
This interview came on the day Oi revealed the results of 2017, having reported a loss reduction of 20.7% to 6.365 billion reais (1.5 billion euros), an improvement over the more than eight thousand million reais recorded a year earlier.
Wenn die OI prefs jetzt nicht steigen, wird es schwierig für Pharol.
Mal sehen, ob die neue Nachricht irgend etwas bewegt.
viel tiefer als jetzt sollte es (eigentlich) nicht mehr gehen...
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Wertpapier: Pharol |