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HomeLatest NewsThe NH hotel confirms Rajakarier, CEO of Minor, as its new president

The NH hotel confirms Rajakarier, CEO of Minor, as its new president

Date: March 4, 2024 Time: 01:53:43

No novels. The board of directors of NH has endorsed the changes at the top with the replacement of the group’s presidency, from now on in the hands of the CEO of Minor (main shareholder), Dillip Rajakarier, who replaces Alfredo Fernández Agras, who resigned from the Last week in disagreement with the decision of the Thai group to buy more shares of the Spanish company in the market, reports EFE. The board has also agreed to appoint the company’s vice president and CEO in Spain, Ramón Aragonés. A movement that must be submitted to the shareholders’ meeting, which is expected to be held in June.

These changes occur after the resignation last week of three directors – in addition to Fernández Agrás, José María Cantero and Fernando Lacadena – critical of the decision of Minor (owner of 94% of NH) to buy more shares in the hotel, for understanding that harms minorities. NH is now seeking replacements for these three directors and will immediately begin the selection process for new independent directors.

NH informed the National Securities Market Commission (CNMV) last week that “regardless of the intention and personal interests” of the independent directors, their behavior has been “harmful to NH and to the good image of the company in the market” for which reason the exercise of actions against them is reserved.

The resignations took place a week after Minor announced its intention to acquire more NH shares for thirty days at a maximum of 4.5 euros per share, which led the CNMV to suspend the listing on suspicion that it could be dealt with. of a covert opaque. Fernández Agrás has already announced that he will not sell any of his 177,834 NH shares to Minor during the thirty-day period announced by the Thai company.

The exclusion bid that was frustrated

Minor acknowledged that it had studied a possible delisting operation of NH shares, although the independent valuation carried out by the consultancy EY -between 4.81 and 5.68 euros per share- had been rejected by the market regulator. . Following this position from the CNMV, Minor announced his resignation from the process of delisting NH, but announced the strategy of acquiring more shares of the Spanish hotel chain at market price, not at the 4.5 euros initially announced . He defends that these purchases are intended to provide NH shareholders with an additional liquidity mechanism for their shares, a position that is rejected by prominent figures.

The three critical directors understand that this operation would mean an even greater reduction in the liquidity of NH shares to the detriment of minority shareholders, who, moreover, could only sell their shares at a price lower than the valuation of EY and that of the CNMV. evidenced the minimum threshold of a potential exclusion price.

Minor recalled that in 2020, two years after the takeover bid it launched in 2018 for NH, it unanimously promoted the start of a delisting operation by hiring an independent expert who set the price at 7.3 euros per share, but who It was suspended due to the pandemic.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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