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The purchase of shares of the CEO of EiDF acts as a firewall to the price

Date: September 28, 2023 Time: 01:18:24

EiDF struggles to raise its head on the stock market. Its return to the market, which has not been as good as the group would like, has plunged the value into absolute volatility. Despite the blow of the last two sessions, with which it breaks a streak of four consecutive rallies, the company manages to recover the price by more than 60% from the minimum of 3.76 euros that it marked at the end of August and manages to install the price at the level of 6 euros. At the forefront of this slight recovery is its CEO and founder, Fernando Romero, who has acted as a ‘firewall’ with the acquisition of a share package.

Last Monday, EiDF’s shares soared more than 60% after the consulting firm KPMG submitted the results of the legal opinion on the forensic report prepared by Deloitte, in which they deny the existence “of simulated legal transactions or of an anomalous manner from a contractual and commercial point of view”, although the preparation of the Deloitte report is not yet finished. Despite this, it seems difficult for the Galician firm to approach the value it marked before its listing was suspended last April, when its capitalization exceeded 1.7 billion, compared to the 350,000 euros at which it operates in the market. current moment and that represent the loss of almost 80% of value.

Faced with this stock market drain, Romero came to the rescue with the purchase of 70,000 shares, equivalent to 0.12% of the company’s capital. The acquisition was carried out through the company Prosol Energía, owned by Romero, and has involved a disbursement of 575,763 euros, according to BME Growth. A process that was carried out through two operations, a first carried out on the 29th in which 68,646 shares were acquired at an average price of 8.29 euros, and a second carried out the following day in which 1,600 shares were acquired per 4.18 euros.

Doubts about the company persist due to its clash with the National Securities Market Commission (CNMV), which has accused it of not providing complete information to the market, as well as “very relevant omissions.” The organization headed by Rodrigo Buenaventura also calls the information about its annual accounts for the 2022 financial year published a month ago “incomplete”, which may “induce public confusion.”

In the midst of this crisis, EiDF has begun the construction of a 30-year industrial photovoltaic self-consumption project with a global power of 22 MW in the north of Spain. The company points out that it will be the largest energy self-consumption project at the national level and one of the most relevant in Europe. This new project is added to the purchase of three photovoltaic solar plants in the province of Burgos that add up to a total of 238 megawatts (MWp), thus advancing in “the development of its generation portfolio in order to nourish its ‘pipeline’ and thus contributing to the fulfillment and increase of the objectives of its business plan,” the company reported.

Last August the group concluded four months of reviewing its accounts after being restated after discrepancies with its auditor PwC. The company closed the 2022 financial year with a turnover of 369.6 million euros, 23.6% above what was expected in its business plan, published in June of last year, and 91% above the 193, 85 pro forma income of 2021.

The reformulation of the accounts has been accompanied by a renewal at the top with the appointment of four directors. These are Laura Bravo Ramasco, Guillermo Poch Sala, Laura Zendrera Roig and Tiago Moreira da Silva Trinidade Salgado, who will be ratified at the general meeting of shareholders called on September 21, to “provide their experience and knowledge in the new stage “. growth of the company.” With this, it increases from six to ten, and up to a maximum of 11, its number of members of the governing body.

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

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