Interim CEO Miguel Stilwell invests 40 thousand euros in EDP’s capital increase

  • ECO News
  • 30 July 2020

Interim CEO will participate in EDP's capital increase to buy Viesgo.

Miguel Stilwell goes for the electric company capital increase. The interim chairman of EDP’s Executive Board of Directors and CFO decided, right at the start of the subscription period, to exercise the rights he received for the shares held, thus investing almost 40 thousand euros in the operation being carried out by Electric. In addition to Stilwell, three other directors have already subscribed the new shares of the company.

In a statement sent to the Portuguese Securities Market Commission (CMVM), EDP reveals that Stilwell has exercised his subscription rights on 140,000 shares, which will enable him to strengthen EDP’s securities portfolio with 11,904 new shares. This operation, which took place on 23 July, the first day on which it was possible to subscribe for the shares being issued as part of the 1 billion euros capital increase that will help EDP to finance the purchase of Viesgo.

Taking into account that the subscription value of each new share is 3.30 euros, the value defined by EDP for this bond issue, the CEO who replaces António Mexia on an interim basis, who has had his duties suspended as part of the CMEC process, is preparing to invest almost 40 thousand euros in the electric one. The “total value of the operation is 39,283.20 euros,” says the communiqué sent to the capital market regulator.

Besides Stilwell, other members of EDP’s Executive Board of Directors revealed that they subscribed to the new securities. Among them are Rui Teixeira and Maria Teresa Pereira, after also António Martins da Costa.

Rui Teixeira exercised the rights of the 30,143 shares held, subscribing 2,563 new securities at a cost of 8,457.90 euros, and it was also revealed that Lina Martins, a person closely related to the director, will exercise the rights to buy 495 new securities for just over 1,635 euros.

At the same time, Maria Teresa Isabel Pereira undertook two operations with which she will subscribe to more than six thousand new electric titles, a decision that will cost around 20 thousand euros at a subscription price of 3.30 euros.

Earlier, the member of the Executive Board of Directors António Martins da Costa had informed “EDP that, on July 23, 2020, it proceeded to exercise the subscription rights of the 54,299 shares representing EDP’s share capital held, to which correspond 4,616 shares”. 15,232.80 in EDP’s capital increase, whose subscription period will end on August 6.