OHLA - comment
The OHLA board recognises that €100m in fresh capital is needed (against current market capitalisation of <€250m). The prize for OHLA would be at least the part release of the €174m currently held by the banks as collateral against guarantees. We are sceptical that the banks will give up their collateral until the sale of Canalejas, CHUM and the Service business are executed on. In terms of the equity raise; the Amdio’s look willing to put in €25m to avoid dilution of their stake. The new potential shareholders mentioned in the press are an odd fit for OHLA. Atitlá Asset Management are crypto specialists and José Elías’ Ezentis business went through restructuring last year and; why they want to put money into OHLA is unclear.