Writing (The letter from the bag)
"I am convinced that over 80% of current market participants, including operators, investors, analysts and managers do not know what is an operation accordion and, what is worse, unaware of its implications. The Seda de Barcelona, \u200b\u200buntil last summer, speculative value and very hot with takeover rumors everywhere, has brought this concept to the stock exchange, has unearthed. I fear that it will not be the first small-cap company that is going to do. We all know that the contagion effect is very important around here and that most companies spend time and effort in copying the methods each other. Bad feelings, in short, in a time when most companies, especially medium and small are struggling to finance itself, "says principal analyst at an investment bank. The Seda de Barcelona today has called for December 16 on first call or tomorrow 17 in the second, the extraordinary general meeting of shareholders to approve, among other things, the group's restructuring plan, prepared by the council, and the capital increase and simultaneous reduction announced a few weeks ago. The company, headed by José Luis Morlanes, plans to carry out a capital reduction and increase to offset losses and reserve strengthening. The Silk expected to be submitted to a vote of the shareholders a capital of 300 million euros and reduce their capital while reducing the value of the shares, which will be set at 0.256 euros. The company follows Catalan expects to close the deal to renegotiate its debt to the 'pool' of creditor banks while waiting to get a credit the ICF, an agency of the Government, amounting to 15 million euros to provide oxygen to working capital. What is an accordion operation? "An accordion operation is one in which, having taken heavy losses, is performed simultaneously, a double movement. On one hand, social capital reduces to 0. The other is extended above the minimum legal requirements. Say it is wiping the slate clean, and rebalance the company's financial situation. "Nice, no? It can cause problems ... And, through these operations, tend to produce significant changes in the shareholding structure of the empresa.Es quite possible that some members unable to attend the capital or do so in very small measure. Translation: either cease to be shareholders or lose political rights in it to see reduced social participation. And of course, then we understand better how it can be used maliciously an Operation Accordion. The partners who control it can seek out travel companions forcing unwanted accounting, with inadequate evaluations, making that reflects a situation that is not real. Having achieved this goal and recorded in the books, knowing that the other party does not have capacity Go to the financial capital increase, approved the transaction accordion. Et voila. Enter two and leave one.
http://www.pymesyautonomos.com/administracion-finanzas/que-es-una-operacion-acordeon More
. The simultaneous reduction and capital expansion, also known as accordion operation, has spread in the corporate practice as a measure of financial health for its easy accommodation in the discipline of social capital, which allows the write-off of losses as a step toward obtaining new capital. This book pays particular attention to the situation of the company during the implementation the process, since the agreement is taken to its entry in the Register. Furthermore, the measure taken in connection with other cases in which society can be found, notably the occurrence of the cause of dissolution for losses or insolvency as a precondition of the competition, and in this way call at the always thorny issue of responsibility of managers.
http://www.libreriababilonia.com/9788498762709/operacion-acordeon-perdidas-y-concurso-en-la-sociedad-de-responsabilidad-limitada/resumen/ # summary
The Silk and Prosecutor In the same act, the Attorney General's Economic Crimes Catalonia has opened proceedings to investigate alleged accounting irregularities in company La Seda that have caused the last crisis of this chemical group, according to Efe have advanced to sources familiar with the investigation. The Economic Crimes Office of the High Court of Justice of Catalonia (TSJC) has opened these measures following the four complaints filed so far by minority shareholders of the company both to the TSJC as to the Madrid Anti-Corruption Prosecutor. Legal sources have advanced Anti been referred to the Prosecutor of Catalonia the two complaints that came against the direction of The Silk under the chairmanship of Rafael English, to determine whether some operations might constitute a crime, and had joined the other two complaints filed by shareholders at the TSJC. Http://www.lacartadelabolsa.com/index.php/archivo/resultados/94cf853bd6fdb6db44bef92dec885f82/
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