Wednesday, November 20, 2013
Yesterday, SPS (the parent company in Spain) filed yet another document with the Spanish Stock Exchange.
Here’s a link to that letter:
As I normally do, I used Google-Translate to translate that document from Spanish to English. Reminder: Google-Translate does not produce perfect translations! Here’s how Google-Translate translated this particular document:
Madrid, November 19, 2013
The Board of Directors of the company, with the concurrence of all members present and represented at the meeting held in the day, and in order to ensure the operability of the company has taken the decision to convene shortly Extraordinary General Shareholders to adopt the necessary agreements that allow quantitative regularize their governing body, to the resignation of one of its four directors.
That company PAOSAR, SL, through its representative D. Jaime Castellanos, presented his Fee waiver Counselor SERVICE POINT SOLUTIONS SA by letter dated 19 November 2013. The resignation is due to the fact that PAOSAR SL intends to proceed to the disposal of its shareholding in the Company. That the company is focusing its efforts on finding investors that permit a cash offer to repurchase syndicated debt. The conclusion of the two failed bids is that financial institutions require a cash offer immediately executable.
The company, its executives and their advisors, have devised a plan to attract investors who are in available to contribute between 15 and 20 million euros within 4-6 weeks. These moments are ongoing with investor groups.
Without further ado, take this opportunity to send a cordial greeting.
Ignacio López-Romero Balcells
Secretary of the Board
Posted by Joel Salus at 6:03 AM