After expiry of the legal deadline established in the company’s process of capital increase and concluding that existing Air Nostrum shareholders have not exercised their preferential rights for subscription of shares, the Air Nostrum Board of Directors have approved the entry of new investors into the shareholding of the company.
Among the four proposals put forward by the consulting firm Seabury, the Air Nostrum Board of Directors have selected the offer from a group of Valencian entrepreneurs which include the participation of Carlos Bertomeu, Antonio Pellicer and José Remohí.
Carlos Bertomeu is the current company CEO and Antonio Pellicer and José Remohí are co-presidents and owners of the IVI Group and will invest privately.
The search for new partners began several months ago, as the airline already announced. The formal process began on February 18th when in the company Special Shareholder’s meeting, capital increase was approved. As on March 27th none of the existing shareholders had exercised the right for subscription of shares, the Board was automatically entitled to give entry to new investors.
In the Board Meeting held on March 31 at the company head office, the consulting firm Seabury submitted four bids from investment groups interested in attending this expansion: two Spanish, both of private capital, and two British investment funds.
The offer recommended by the American consultants, the Valencian investment group, has been selected by the Board as the best alternative, both for its economic amount as for its professional and financial solvency.
The new investors will take control of the company once the mentioned capital increase has been implemented within the next few weeks, once the conditions that this operation is subject to have been previously met.
The total amount of the transaction has been estimated at €25 million, part in capital and part in debt.
The current shareholders in control consider that this is the best way of ensuring the continuity of the airline. They will remain as shareholders and celebrate that the new investors are from Valencia.
The airline expects to have completed the process in the coming weeks.