Tuesday, September 27

Indra’s shares plummet 20% after the government’s assault on the company’s board


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Indra’s collapse on the stock market after the Government’s assault on the company’s board. The price of Indra’s shares sank almost 20% at noon and one day after the Sociedad Estatal de Participaciones Industriales (SEPI), SAPA Placencia and Amber Capital turned Indra’s board upside down after appointing Jokin Aperribay as proprietary director for the Basque group and promote the dismissal of four independent directors at yesterday’s shareholders’ meeting.

Specifically, the company’s titles, which began the session with a drop of more than 7%, were down 19.84% at 12:00, until trading at a price of 8.12 euros.

In addition to the assault on the governing body of the listed company, the president of the CNMV, Rodrigo Buenaventura, has announced this Friday that they have already contacted Indra to request more information about the surprise dismissal of four independent directors, decided yesterday by the general meeting of shareholders, informs Carlos Manso.

The head of the CNMV has called it “striking”, as well as “worrying in the sense that it could cast doubt on the quality of good governance” the departure of the ‘independents’ Alberto Terol, Carmen Aquerreta, Enrique de Leyva and Ana de Pro from the board of directors of the company.

This Thursday, the representative of Amber Capital, which has just over 4% of Indra and is the largest shareholder of Prisa, made a request to introduce an item outside the agenda of the meeting with the aim of dismissing Alberto Terol, Carmen Aquerreta, Ana de Pro and Enrique de Leyva. Likewise, the re-election of Isabel Torremocha, also an independent, did not go ahead. Consequently, the newly appointed Francisco Javier García Sanz and Silvia Iranzo remain as the only independents.

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As ABC published yesterday, this maneuver grants absolute control of the council to SEPI. The change of direction that was executed in the meeting this Thursday, thus definitively granted control of the council to SEPI and put an end to the rebellion initiated by the independent directors.

For his part, Aperribay, a member of the founding family of SAPA Placencia, received 53.1% of the votes to be a director, despite having a report against the Remuneration Committee. A percentage practically identical to that of shareholders who have supported the dismissals. Together with Aperribay, Miguel Sebastián, Antonio Cuevas, Francisco Javier Sanz and Luis Abril, this executive, all with votes above 90% of the shareholders, renewed their mandate as directors.

The board resulting from the meeting is made up of two independent directors, three proprietary directors, the president of the company, 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 the third director of SEPI after the public holding company has exceeded 25% of the capital, which allows it to choose a new representative.

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