[bsa_pro_ad_space id=1 link=same] [bsa_pro_ad_space id=2]

Skip to Content

Operator News

Spain – Prudential increases its stake in Codere

By - 19 November 2018

British multinational life insurance and financial services company Prudential has increased its stake in the Codere bingo and betting company to 20 per cent of the capital from the previous 15 per cent.

As notified to the Spanish financial regulator, the National Securities Market Commission, Prudential carried out the operation through several funds it manages, called Debt Investment Opportunities and M & G Debt Investment Opportunities.
Previously Prudential had declared control over 15.45 per cent of Codere’s capital. It now holds 20.968 per cent in a package of 24.85 million shares (24,854,750), valued at market prices (5.34 Euros per share) at €132.72m.

According to bolsamania.com, after this increase Prudential has now become the second largest shareholder of the company behind Edward Arnold Mulé, manager of the Silver Point Capital Management fund, which controls 23.35 per cent of the capital.

Other significant shareholders of Codere capital are David Abrams, who controls 8.78 per cent through its Abrams Capital Management fund and Jon Bauer, who controls 7.27 per cent through the Contrarian Capital Management fund. The Martínez Sampedro family, which prior to the financial restructuring was the largest shareholder, now controls 14 per cent through José Antonio Martínez Sampedro. In addition, Luis Javier Martínez Sampedro owns another 1.7 per cent.

Last week Codere announced that Argentina’s economic crisis was continuing to take a toll on its operating profits. According to the financial results for the third quarter hyperinflation and the devaluation of the peso meant that the company obtained accumulated operating revenues during the 9 months of 2018 of €1,115.6m, 8.2 per cent less than in the same period of 2017. However, the company achieved a gross operating profit (adjusted EBITDA) of €203.6m in the nine months of 2018, 1.8 per cent above the same period in 2017.

Share via
Copy link