Codere final agreement - Euroslot - the independent voice of the amusement and gambling industry

Codere final agreement

Published: 10 November, 2009

At last Codere and the brothers Joaquín and Jesús Franco have formally resolved the dispute which had arisen between both parties over the payment of the 41% of the Codere capital. As a result of the agreement the Chairman and majority shareholder of Codere, José Antonio Martínez Sampedro, has reduced his shareholding in the bingo and casino operator. According to the data that appear in the CNMV* register, Martínez Sampedro controls 63.14% of the voting rights of the company, as opposed to the 65.85% that he held previously.

The reduction has been made in the holding that José Antonio Martínez Sampedro controls directly, since he has decreased his holding from 7.99 million shares to 6.49 million. In the document sent to the Spanish stock market regulator, it shows that this is a transfer of shares and/or voting rights. In addition, it states that the nature of the operation is "in lieu of payment". In this form, the transfer of the 1.5 million shares would correspond to the payment of the two million shares that the Martínez Sampedro family committed to pay to its former partners, the Franco brothers. Codere's takings in the first half of 2009 reached 492.6 million euros, 2.2% less than in the same period last year. The gross operating profit was 105 million less than expected. Nevertheless Codere sources give their assurance that the forecasts for the second half of 2009 will be met.

* CNMV - Comisión Nacional del Mercado de Valores - the Spanish Stock Market Regulator

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