Mohari was always in pole position to buy OHLA’s 50% stake in Canalejas. We see recent arbitration claims from Mohari as part of the price
Read MoreBoard rows at OHLA are inevitable, given the large egos that have now bought into the company. The board does not need to be friends, but they do need to let the managers
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The call didn’t have many surprises, but was positive. We are a little perturbed by the suggestion that OHLA might look at development projects in the future, but for
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With OHLA having completed the recapitalisation in 25Q1, the FY24 results are a sideshow, but were ahead of our expectations. Our focus will be o
Read MoreThe success of the Rights Issue means that no dilutive convertible was needed. The Amodio family has a 21.6% stake, as they had
Read MoreIf OHLA has secured the full €80m sought in its Rights Issue, this will increase the bond redemptions from €91m to €140m. We have been
Read MoreWe are not surprised that the courts in Qatar wants nothing to do with litigation around the Sidra hospital contracts, and have decided annul
Read MoreThe first €70m of the proposed €150m equity has arrived at OHLA, and the new investors now have board seats. The Amodio brothers are on the hook for
Read MoreOHLA expects to complete the SSN exchange and the first part of the equity raise by mid-December (from the new investors), which is positive for
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The proceeds from the CHUM sale form part of the lock-up agreement with creditors, so the arrival of the cash is another step in
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All eyes are on the restructuring, but the operating results published late last night were marginally below our expectations. Given the distractions of
Read MoreOHLA can now proceed with a more straightforward exchange under Spanish law as it has achieved over 90% bondholder support for its
Read MoreOHLA is now highly likely to achieve an acceptance level for the restructuring plan of over 90% from bondholders. The new bond
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Over 50% of bondholders have already accepted the OHLA restructuring proposal. We expect bondholders to support the deal as the alternative is
Read MoreThe OHLA restructuring presentation contains no surprises. If the process is consensual, the deal will be completed in December. If the consensual deal fails, then
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The EGM is today; we expect the proposals to be approved albeit with some noise from small shareholders. The meeting starts at
Read MorePositive news for OHLA as the agreements are close to falling into place for tomorrow’s EGM. The €50m gap in the equity raise is still a hurdle and may come from a mixture of
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