Last Friday, July 24th, a Codere shareholders' meeting was held; and, as we had anticipated, it was a key day for the immediate future of the company.
One of the most outstanding measures was the reduction of its share capital by 450 million euros, by reducing the nominal value of all the shares, which will go from 3.80 euros to 0.50 euros, which means that its new share capital is 59.2 million euros.
This decision is intended to create an unavailable reserve and allow the flexible placement of shares in the market, which could be issued during one or more capital increase operations.
Another proposal that had the support of shareholders was the protection of its board of directors against eventual lawsuits or compensation, for which they approved that the company may provide liability coverage to directors, for an annual maximum of 20 million euros. Furthermore, they left open the possibility of other alternative or complementary systems. And, as part of this measure, it was established that any action detrimental to the interests of the company is left out of coverage.
On the other hand, the board rejected the proposal of the Martínez Sampedro brothers and has reelected Norman R. Sorensen, Matthew Truner, David Reganato, Timothy Lavelle, Manuel Martínez-Fidalgo Vázquez and Massampe S.L.
Codere also confirmed that the general shareholders' meeting will be held only by videoconference on July 30.
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