The Portuguese club announced this Thursday that it had completed the conversion of €83.57 million in mandatory convertible securities (MCS) into shares, increasing its capital to €150 million.
Sporting SAD announced a capital increase of €83.57 million by swapping mandatory convertible securities (MCS) for shares. The club’s share capital now stands at €150.71 million.
This capital increase concludes the conversion of two MCS lines – VALORES SPORTING 2010 (€27.57 million securities with a nominal value of one euro) and VALORES SPORTING 2014 (€56 million) – after the SAD modified the terms and conditions of early conversion in the general meeting.
“As a result of converting the VALORES SPORTING 2010 and VALORES SPORTING 2014 into Sporting SAD shares, the Company’s share capital now stands at €150,571,872, represented by 150,571,872 shares,” says the club’s statement released this morning.
Sporting announced on March 11 the repurchase of these MCS lines held by BCP, paying 16.8 cents per security, for around €10 million. The bank justified the sale of the securities at a high discount with the decision to stop financing football clubs and minimise losses.