OHLA - comment
The OHLA capital raise is not yet a done deal. However, we still see the deal getting over the line. The proposed capital raise will only happen if the banks agree to the terms of José Elías’s consortium and Andrés Holzer. We expect the bank lending stance is really about pricing, and we think the most substantive issue is getting an independent CEO in place. Tomás Ruiz (the proposed CEO) is seen as an Amodio placeman by the banks, and corporate governance has been dismal under the Amodio’s. The equity raise structure is also overcomplicated. All issues will need to be resolved before the 21st October EGM. We are preparing a full update to bring the strands together and will publish next week.