Vértice 360º buys into Lavinia
Iñaki Ferreras ©RapidTVNews | 01-03-2012
Spanish producing company Vértice 360º is to buy 13.5% of its own capital currently held by Lavinia, to disengage from the Catalan production house.
The deal will also see the suspension of the integration agreement reached in July 2010, as reported by the media company. The firm attributed the separation to its second largest shareholder who believed that the alliance "had not generated the expected synergies." The shareholder also attributed the "reorientation" that drives the strategy of new president, Manuel Garcia-Durán.
Vértice 360º also said the separation by mutual agreement, will be implemented on 2 March, and will also exit the perimeter of the company of several firms Lavinia. Companies integrated into Vertex will be returned to Narva, parent company of Lavinia. In addition, the president of the firm of content and interactive media services, Antoni Esteve, will retire from the positions of vice president and chief executive of Vertex 360.
Lavinia, with its 13.50% stake, was the second largest shareholder of Vertex, behind Ezentis, which holds a 28.61%. Lavinia's share has a market value of about €5.2 million.
According to the company, Narval, owner of Lavinia, has mortgaged half of its stake in Vertex for the tax as security for payment obligations. Thus, transmission to the media group will only run when it receives the appropriate authorisation.
Vértice estimates that even though the loss of Lavinia will cut its turnover at €40.5 million, it will positively impact net profit and also reduce debt and administration costs.
The board of directors has appointed Vértice 360º with new independent director Manuel Diaz, composer singer, producer and consultant for audiovisual industries in the U.S. and Latin America.