PERU: Backus share swap details released
Union de Cervecerias Backus & Johnston has revealed details of its proposed share swap. The Peruvian brewer announced on Tuesday that it will offer to swap its B-class and investment shares for a new class of non-voting preference ones.
In a statement to the stock market regulator CONASEV, the brewer said: "If all holders of investment shares take part (in the share swap) the increase in (company) capital will rise by PEN514m (US$152.5m)."
According to the company, B-class shares have the same value as preference shares, which means that they would not generate more income for the brewer.
The share swap was approved by Backus' shareholders at a general meeting on Monday.
Under the terms of the offer, each new non-voting preference share could be exchanged for 10 investment ones. Shareholders can swap each B-class share for a new preference one.
Shareholders tendering their existing investment shares and B-class shares will receive a fixed accumulative dividend, the company said. The dividend will be set before the swap is launched.
A date for the share swap, however, has not been set.
Backus is controlled by Columbian brewer Bavaria.
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