The president of PharmaMar expands his investment in the pharmaceutical beyond 11%

The number one pharmaceutical company increases its weight in the company’s capital, pending studies on the effect of Aplidin against Covid.

José María Fernández Sousa-Faro, president of PharmaMar.

The President of PharmaMar, José María Fernández de Sousa, has reported a new increase in weight in the company’s capital. As a result of his latest purchases of shares in the pharmaceutical company, its participation already reaches 11.126% of the shareholders.

Fernández de Sousa has notified this Wednesday to the National Securities Market Commission (CNMV) the details of this increase in investment. The form indicates that it is a “voluntary notice” with the aim of updating their participation based on their latest purchases, duly communicated to the supervisor in recent days.

In this sense, the president does not exceed or breach any of the thresholds that make it necessary for an investor to update his position. However, being Member of the Management BoardFernández de Sousa does have the obligation to notify the CNMV of any transaction for the sale of PharmaMar shares.

According to the current price of PharmaMar, its participation amounts to a market value of 112.32 million euros. The president explains to the supervisor that the entire package is built through the possession of shares in the pharmaceutical company. Also indirectly by the portfolio that corresponds to his wife.

So much so that, this very Wednesday, the also proprietary director of PharmaMar, Montserrat Andrade, has reported that its weight in the company rises to 5.116% of the capital today. In this case, their participation is equivalent to an investment of 51.65 million euros at market prices.

Fight against Covid

The notification of the marriage occurs at a time of special significance for the pharmaceutical company, since it is in the midst of studying the effects that its drug Aplidin may have on the treatment of Covid-19 patients with moderate infection. Some analyzes that, to date, have revealed efficacy even against the omicron variant.

This was published on January 11 in the prestigious magazine Life Science Alliance. The conclusions of the studies led by doctor Adolfo Garcia-Sastreprofessor in the Department of Microbiology at the Icahn School of Medicine at Mount Sinai, in New York (USA) pointed out that “Plitidepsin has been shown to have a potent antiviral activity in all variants at very low concentrations (nanomolar) with a positive in vitro therapeutic index”.

The biotech company Vytrus will debut at BME Growth “in the coming months”

The Catalan company is looking for financial muscle to accelerate its growth after increasing its turnover by 65%.

Albert Jané and Òscar Expósito, co-CEOs of Vytrus.

Vytrus Biotech sets course for its debut in BME Growth “in the coming months”. The Catalan biotechnology company announced on Tuesday its intention to jump onto the Spanish stock market for SMEs with a view to future corporate operations to expand its growth.

The objective of the biotechnology is to debut in the modality of listing, without proceeding to a prior placement of shares. For this, the services of GVC Gaesco as registered advisor and liquidity provider. Meanwhile, the Garrigues and IMB Grup law firms are acting as legal advisors for the operation.

However, as a preliminary step to its jump to the market, the company has proceeded to a capital operation for 2.4 million euros, mainly in cash-out. This investment round has been led by Zamit Capitalan investment fund managed by GVC Gaesco, and Vytrus’s business partner in the US.

Founders and shareholders

Likewise, IUCT Emprèn, managed by Inkemia, has sold its entire stake after nine years of investment. They have also participated the family office Perfumeries Julia and the Catalan Institute of Finances, which has strengthened its position in the listed future through the ICF Venture Tech II fund. For their part, the founders maintain ownership of 40% of the capital.

The company’s business is based on the development, production and marketing of active ingredients with high added value for the cosmetic and dermatological markets. Among its two most recognized components are Kannabia Sense and Deobiome Noni.

Albert Janebiotechnologist and biochemist, founded Vytrus Biotech together with Oscar Exposito, biologist and PhD in Plant Biotechnology, 12 years ago. Currently, both are CEOs of the company, which during the 2021 financial year has increased its turnover by 65%, to 2.8 million euros according to its accounts pending audit.

This represents an increase in sales of 133% in the last two years, marked by the pandemic.

Applus launches a buyback program to redeem 5% of its shares

The certification company has contracted the services of Banco Santander to execute the purchases during the next year.

An Applus sign at one of its facilities.

Applus has launched a buyback program for up to 5% of its share capital. The company’s objective is to amortize the securities acquired in this framework with the aim of boosting the remuneration of its shareholders.

This amortization must be put to a vote in the next general meeting of shareholders of Applus, as explained by the listed company in a statement sent to the National Securities Market Commission (CNMV). However, the usual thing is that these proposals are approved without any problem.

Applus’ board of directors has set a limit of 75 million euros for the buyback plan, as well as a cap of 7.15 million shares. In order to carry out these acquisitions, a Santander Bankwhile the usual price and volume requirements for these transactions have been established.

Calendar

In addition, it has been established that purchases begin on February 1 and extend until January 31 next year. Both dates included. In any case, the company reserves the right to both shorten its validity and extend it depending on the circumstances of the market and the company, as well as the speed of purchase.

In the last year, Applus has accumulated a drop of more than 7% on the stock market. Its current market capitalization is around 1,100 million euros. This Thursday, after the announcement of the upcoming purchases, their titles bounced more than 2% up to intraday highs at 7.73 euros.

Enerside launches to BME Growth with a capital increase of 40 million

The Catalan company specializing in the promotion of photovoltaic parks comes from BME’s Pre-Market Environment.

One of the photovoltaic parks promoted by Enerside.

the renewable Enerside Energy sets course for BME Growth. The Catalan company specializing in the promotion of photovoltaic parks announced on Monday its intention to carry out a capital increase for “approximately” 40 million euros as a prelude to his debut.

The objective of the operation is to obtain funds “to finance its business plan”. The Incorporation Information Document (DIIM) is still being drafted for presentation to the supervisors of the Spanish stock market for SMEs. The operation will be led by Alantra as a global coordinating and placement entity.

In addition, for the task of placing the new shares, the services of Rent 4 Bank Y Andbank Spain. In addition, the first of these two will also act as agent for the offer and, subsequently, as liquidity provider. The entity will also act as registered advisor, while in legal matters it will have the support of Latham & Watkins and Linklaters.

Business history

The origins of Enerside date back to 2007. Since then, has built photovoltaic installations in Spain, Chile and Brazil. Currently, it is developing 126 MW for third parties. Likewise, it manages the operation and maintenance of 21 MW in solar parks for third parties, most of which are awarded from parks built by the company.

Today, the future listed company has a pipeline of 4.5GW under development, highly qualified and with an advanced degree of maturity. A total of 3 GW, 70% of its current pipeline of projects under development, have reached or will reach during 2022-2023, the RTB phase. In addition, it has 3.4 GW more in inorganic growth opportunities identified.

The CEO and founding partner of Enerside, Jotham Grangehas highlighted that “until now we have financed ourselves fundamentally from private capital increases, but the company is at a very mature moment and needs to make more relevant investments to Carry out the construction of your IPP projects“.

Along these lines, the founder has highlighted the path followed since joining BME’s Pre-Market Environment “a year and a half ago”.

Google continues to eat the world despite everything

As much as the Mr. Wonderful mugs say, you don’t have to try to do everything right to be successful. Corporate malpractice may not make a dent in a company’s profits, as evidenced by the fact that Google’s parent company, Alphabetjust beat all your revenue and profit records.

In the last three months alone, the company has generated $65.1 billion in revenue and record profit of $18.9 billion for the fifth consecutive quarter. With this profit figure, if Alphabet were a country, the economy of its last three months would be positioned in the 118th place in annual world GDP rankingsthere is nothing.

Part of the blame for this ball is the pandemic. Although the coronavirus continues to reap deaths across the planet, it has also been responsible for the recent boom in electronic commerce, and with it, the Greater interest of brands to advertise on the internet. If we add to this that Google is the search engine par excellence, the result is a company whose profits are increasing much faster than its income.

Nobody doubts the enormous quality of some Alphabet products, such as Youtube and the search engine itself, whose qualities manage to keep intact the loyalty of its users and customers (I confess that I use them daily myself). What is shocking is that the company is growing faster and faster, despite the many scandals that surround it.

Of course, profits come from various different branches of companies, but it is advertising that achieves the most spectacular figures and also the one that monopolizes the most controversies. Google has been accused of manipulating the search results it returns for its own benefit and of imposing unfair exclusivity conditions on its advertisers.

In Europe, its abusive practices in the advertising business on-line they have already given him three fines worth almost 8,000 million euros total. Although, if you compare this figure with that of its annual net profits, you will notice that the European sanctions are small change for the giant.

Across the pond, last year the US Department of Justice sued the search engine for monopolizing the search market. Not to mention more serious issues, such as the fulminant dismissal of one of its ethics leaders last year for trying to uncover biases and other problems with its AI systems.

However, its internal controversies do not seem to permeate its legion of users (among which I include myself). And on the side of investors, whose sights are usually set on the short term, it seems that legal problems do not matter too much, given that the company will not set foot in US courts until 2023.

And it is not the only one. This week, the stock market value of Tesla surpassed $1 trillion for the first time, becoming the sixth American company to achieve this milestone (do you know what the others are? Of course, Apple, Microsoft, Amazon, Alphabet and Facebook, what things, right?). And, how could it be otherwise, the company is also dotted with its own scandals.

In addition to the list of fatal accidents in which its driving assistance system, Autopilot, has been involved, Tesla was accused in 2018 of omitting injuries to workers at its car factory in its mandatory reports. But what is most surprising about its spectacular valuation is that it has surpassed all of its automotive rivals, who actually sell many more cars.

For example, the second most valued car company is Toyota, whose market share and revenue far exceed that of Tesla, despite the fact that it is worth three times more on the stock market than the Japanese manufacturer. So what is the reason for this enthusiasm among investors?

According to experts, although Elon Musk’s company has a smaller market share and much lower revenue than the others, his company represents the future of mobility. And the scandals? Like those of Google, it seems that they do not matter. The only difference is that while Alphabet lives on its present successes, Tesla represents a long-term bet able to redefine transportation.

Of course, not all technological giants live oblivious to the impact of their bad practices. Faced with the unstoppable growth of these two companies, Facebook’s shares do not stop falling and its founder, Mark Zuckerberg, does not stop pulling ideas out of his sleeve and proposing name and image changes to get rid of his long list of controversies .

We’ll see what happens when it announces its newly announced Alphabet-like corporate umbrella. But, for now, it seems that it is the only one Big Tech whose behavior has begun to conform to the messages on the Mr. Wonderful mugs.

The General Manager of the South of Spain of the Barceló Hotel Group, Gaspar Sáez.

Amber rules out launching a takeover bid for Prisa although she revives the war against Monzón

The situation is complicated for the group that has seen its shares fall more than 40% during the pandemic.

Joseph Oughourlian, representative of the Amber Capital fund

Saber rattling in Haste. The publishing group The country has not had the best confinement with a downward sale of its assets in Portugal and a sharp drop of more than 40% in the stock market. Most of the Spanish communication media have seen their advertising income fall sharply, which has had a major impact on the group’s business and that complicates its most immediate future.

In this adverse context, the shareholder struggle within the Board of directors the company’s voltage rises again, threatening to paralyze decision-making. The problem is that, unlike previous periods, all the corporate movements of some of the shareholders lead the company to a long period of struggles without a medium-term solution.

The germ of all the disputes is the control of the company, currently distributed among its main shareholder Amber Capitalwith 29% of the company, and the rest of companies with Spanish capital, among which is Santander, Telefónica and the children of Jesús de Polanco.

During the last year, the two groups have looked for Spanish companies that can help them in their project. Amber has been planning a takeover bid for control at the beginning of 2019, but has not been able to find any publisher or company that would help them financially.

In this sense, this newspaper has been able to confirm that the situation generated by the coronavirus and the lack of interest of any Spanish company in entering Rushhas done that for the moment paralyze any interest in launching a takeover bid in the medium term.

debt repayment

In the same way, the other shareholders of the group have tried on their own to launch a capital increase subscribed by other Spanish companies that would allow them to remove Amber – and the investment funds – from the company’s capital. A movement also paralyzed by the current market situations.

No takeover bid, no capital increase in sight, nor the announced IPO of santillana, what is really important for Rush right now is the status of your debt. The pandemic and confinement have caused the banks to forgive certain conditions agreed in the last agreement, but without solving the bulk of the problem.

In April of this year the company had to pay a partial amortization of 275 million euros as part of the commitments signed with the creditor banks. Nor it was an enforceable obligation but rather it was configured as a milestone that, if not met, would cause an increase in the cost of its debt. Finally, the bank forgave them the 1.5% increase in interest and decided not to apply this clause.

On the other hand, Prisa must carry out two other partial amortizations and mandatory debt on December 31, 2020 and 2021 for amounts of 15 and 25 million euros, respectively. And you must pay the bulk of the debt in November 2022.

If we analyze the impact that the coronavirus can have on its accounts, it seems difficult today that these milestones can be consolidated and everything seems to advise that the group sit down to negotiate new refinancing agreements with the bank for a debt close to 1,500 million euros.

war against monsoon

And the current situation of the council does not invite calm. As advanced Vozpopuli, Amber again asked for the departure of the non-executive president Javier Monzonsupported by Santander. The investment fund that owns 29% of the company and is led by Joseph Oughourian, considers that the executive president is responsible for the inaction of the company, its fall in the stock market and its mismanagement of the sale of Portugal.

Basically, they consider that the sale of Average Capital It has been “disastrous” after failing twice and accepting an offer from Pluris for 10 million euros and 30% of the company.

In 2017 the sale with Altice was closed in 440 million, two years later it was sold for 170 million to Cofina and finally closed the sale of only a third. Only measuring the announced operations, Media Capital has gone from being valued at more than 500 million euros to 130 million.

Nevertheless, it seems unlikely that Amber’s criticism will unseat Monzón. In fact, the sources consulted indicate that the Board is more balanced than ever and that it would be unthinkable for any “Spanish” shareholder to support a replacement of the Executive Chairman.

This leads to a long cold war with no winner and a paralyzed board of directors. They do not expect good times for the group.

Brussels approves the audiovisual ‘joint venture’ of Telefónica and Atresmedia

With the authorization of the European Union, the new company would begin to operate almost immediately.

Velvet, a series broadcast by Atresmedia and later by Movistar+.

The European Unionthrough your email address Competitionhas sent this Wednesday the authorization to start up the joint venture content production of Telefónica and Atresmedia. The sources consulted by invested indicate that the ruling is favorable and that the definitive placet has been granted for the start-up of Buendía Estudios, the new company resulting from the integration.

Telefónica and Atresmedia signed in September last year the creation of a great audiovisual factory -in which each one has a 50% share- that will unify its content production divisions and that wants to supply content globally to large international platforms such as Netflix, Disney+ or HBO.

once received formal authorization, the company is ready to roll almost at that moment. In fact, this newspaper has learned that there are already many projects waiting to be carried out by the new company and that even The offices of the new company are already set up in the center of Madrid.

Structure

As Invertia already told, Telefónica and Atresmedia they chose Ignatius Corralescurrently responsible for Atresmedia Studios. Corrales has extensive experience in production and has been general manager at Vertex 3060, vice president of lavinia and director of TVE.

Since January of last year he has been CEO of Atresmedia Studios and as head of the new company will be in direct contact with both Sergio Osle, President of Telefónica Video and Javier Bardají, CEO of Atresmedia.

The new company will be constituted with the sum of Atresmedia Studios, the film and series factory Atresmedia, and Movistar Originalsthe own production area is series of Telephone. This means that all production efforts will be channeled through the joint venturealthough there could be the possibility of carrying out projects separately if the investee rejects them.

Production for OTT

The union of the two companies will solve practical things such as investment in cinema Spanish that the law obliges audiovisual companies. In this way, the new audiovisual factory will unify the investment that until now was made separately Movistar and Atresmedia in a single 3% for Spanish cinema and a total 5% if we add European cinema.

The objective of the new project is to become a major content producer on a global level. Of course, it will produce contents for Movistar+ and Antena 3although the importance of the agreement lies in the fact that production will be focused on the internationalization of content and collaboration with Netflix, HBO, Amazon, Apple+ and Disney+ for global marketing.

Between the two companies they invest about 200 million euros a year in series. At the launch of Movistar Originals, Telefonica promised to invest 300 million in content. In the case of Atresmedia Studios, it invoiced around 100 million euros with the sale of series to other platforms during 2019.

The objective of the new project is to become a major content producer on a global level. Of course, it will produce contents for Movistar+ and Antena 3although the importance of the agreement lies in the fact that production will be focused on the internationalization of content and collaboration with Netflix, HBO, Amazon, Apple+ and Disney+ for global marketing.

Between the two companies they invest about 200 million euros a year in series. At the launch of Movistar Originals, Telefonica promised to invest 300 million in content. In the case of Atresmedia Studios, it invoiced around 100 million euros with the sale of series to other platforms during 2019.

In the Spanish company, size matters

“You liberals defend the rich, the big businessmen.” That is usually the beginning of the recriminations that those of us who declare ourselves openly liberal, defenders of the free market, of the reduction of the size of the State, and of the freedom of each one to follow their own interest, in the way that Adam Smith suggested.

It is true that, on the road to economic freedom, large companies have sneaked up on us that, in the purest mercantilist spirit, have exchanged favors and privileges with the State, to the detriment of the sovereign consumer and degrading healthy competition.

The one that for authors like John Stuart Mill It serves as a stimulus for the improvement of people and to enrich society, all of it. The one known as “crony capitalism”or crony capitalism, is an evil that explains part of the confusion in society when it sees how some simple profiteers declare themselves black-legged liberals.

Despite this, those of us who have spent years defending that the company is the natural generator of employment, that it is not possible to continue penalizing savings and investment and favoring indebtedness, we have been supported by articles such as the one published by Javier G. Jorrín this weekend, showing that it is the large company that has pulled the most get out of the crisis. Not only companies that employ more than 500 people have sustained employment better than smaller ones. They are also having a more intense recovery.

That Spain is a country of SMEs and micro-enterprises is a fact. That the self-employed are the most crushed by the legislation of the social-communist government despite being the refuge of many of the workers laid off throughout the different crises, is also a fact. And it is also a fact that small entrepreneurs have no incentives to grow, that is, to hire more employees, increase its production, expand its production scale. Taxes are a big hassle.

That the self-employed are the most crushed by the legislation of the social-communist government, it is a fact

The cost of hiring and firing workers, too. I am aware of unpopular that it turns out to speak clearly about the cost of dismissal when we have a number of unemployed that is still too high. But if the company is the institution that generates sustainable employment, adapted to the current times, then it is necessary to consider what problems employers have when hiring.

The same John Stuart Mill, who ardently defended the legalization of unions, also defended the freedom of association of entrepreneurs in the legal forms that seem best to them. The reason, in both cases, was to allow both employers and employees to organize themselves to better achieve their goals.

The main explanation of the behavior of our society is a double bias. On the one hand, we are convinced that the entrepreneur is, by definition, selfish. On the other hand, we think that the big businessmen, who are rich, are bad for being rich. Despite the belief that it is a bias promoted by the Christian mentality, we forget that, although it is more difficult for a rich man to go to the Kingdom of Heaven than for a camel to go through the eye of a needle, according to Genesis, Abraham was very rich, like King Solomon, or those who supported Jesus himself.

We think that the big businessmen, who are rich, are bad for being rich

However, at the beginning of the aforementioned article, the journalist feels the need to clarify regarding large businessmen, that “their behavior on many occasions is ethically and criminally reprehensible.” If we think about it, ethically reprehensible behavior is not greater for being a great businessman, or for being a successful journalist, or a very popular actress, or a humble economics professor from a mediocre country.

With some exceptions, the office does not remove or add to individual morality, we are all exposed to temptations. Neverthelesswe are much more willing to think that the rich are selfish and steal. Not surprisingly, it was the Spanish scholastics of the School of Salamanca who explained that prices rose due to inflation, not due to the selfishness of merchants.

How to marry Jorrín’s sensible recommendation regarding the importance of large companies being at the center of the economic strategy, with the anti-rich prejudice of our country? It doesn’t seem easy. And yet, it is necessary for our SMEs to grow and reach a certain size in order to survive what the future brings us, but the present.

Digitization requires an investment and a size that many Spanish companies will not be able to assume. The financial resilience that has been so necessary to recover the post-pandemic tone is another of the problems of medium-sized companies. And, what is worse, facing the end of this year, at least, the logistical imbalance, the energy problems, the inflation, the political instability of our country, due, in part, to the showcase measures and the little credibility that a government so indebted transmits, they are not going to make it easy for Spanish SMEs.

What can be expected from a social-communist government in these circumstances? It is not going to put the right incentives, not even to win the elections, because the structural change of the business community has different times than the electoral ones. He catches them out of hand.

What can you expect from great entrepreneurs? I can think of two ways out. One, the mercantilist, is to try to ally, for survival, with political power and become companies at the service of the party, rather than at the service of the Government. The other, of course, is to go and invest your time, energy and resources where they are valued.

And of civil society? Can we expect him to realize the importance of giving his job to big businessmen, to the rich? And not only that, are we going to get rid of that prejudice towards the rich? Are we going to promote wealth and revile iniquity, whether it comes from the rich or the poor?

The CNMC fines Mediaset for broadcasting poorly qualified content during child protection hours

The Chinese Great Wall withdraws its project for the reindustrialization of the Nissan plant in Barcelona

The ‘no’ of the Chinese company opens a new scenario and the reindustrialization table has called an emergency meeting for this Monday.

Exterior of the Nissan factory in the Zona Franca of Barcelona

The Chinese company Great Wall Motors (GWM) has definitively withdrawn from the project for the reindustrialization of the land of the Nissan plant in the Barcelona Free Zone.

An emergency reindustrialization table has been called for this Monday with the aim of launching the different alternatives that were on the table, according to Europa Press.

The Chinese company ‘no’, which was the priority project, comes two weeks after the Government and the Generalitat presented an “improved counter offer” to GWM in a letter signed by the Minister of Industry, Commerce and Tourism, Reyes Maroto, and the Minister of Business and Labor of the Generalitat, Roger Torrent.

The new proposal presented to GWM contemplated more public aid than initially planned and a reduction in the rental of the space in the Zona Franca where the Barcelona plant is located.

This new proposal addressed to the Chinese company came after an audit by the same company that questioned the viability of the plant and demanded an increase in aid to carry out the project.

political implication

The Chinese company’s ‘no’ has also come two weeks after a thousand Nissan workers demonstrated before the Barcelona Free Zone Consortium (CZFB), as part of a production stoppage, to “demand administrations the necessary involvement at a political level” to be able to move forward with the reindustrialization project with GWM and urgently activate the different alternatives.

On December 1, the Nissan reindustrialization table, in its last meeting, activated the electromobility ‘hub’ project while waiting for GWM, after the counteroffera “improved” transferred by the Government and the Generalitat to the Chinese company.

In a statement this Monday, the Nissan works council has assured that they continue to work “on the different alternative plans and that in anticipation of this possibility it was already activated at the previous table meeting,” according to EP.

“During this week we have different meetings scheduled, prior to the official meeting of the reindustrialization commission on the 17th, with the aim of advancing in the new scenario,” the workers explained.