Nextil announces the resignation of its CEO and signs €4 million loan with primary shareholder
Europa Press
Roberta HERRERA
On Tuesday Nextil announced the resignation of Manuel Martos as a board member and CEO, effective from October 20, 2023, due to personal and health reasons.
The company has also informed the National Securities Market Commission (CNMV) that its board of directors, meeting on Monday, has signed a participative loan agreement with its primary shareholder, Businessgate, amounting to €4 million.
In this regard, the company emphasized that its board of directors will continue working with the management team to develop the company’s strategic and business plan and strengthen Nextil’s financial position, with the support of Businessgate.
Nextil will also submit to a vote at its upcoming general shareholders’ meeting a plan for reducing corporate structure costs, aimed at improving the company’s organizational efficiency and increasing profit margins.
Additionally, the company will seek approval for a modification of the terms and conditions of Nextil’s convertible bonds, whose issuance was approved by the general shareholders’ meeting in June 2019, and whose maturity date was extended by an additional six months at the shareholders’ meeting on June 12, 2023.
The proposed modification, agreed upon with 100% of bondholders, would include extending the maturity date of the bonds, currently set to expire at the end of this year, to June 17 2026. This is to enable the company to continue its corporate expansion needs without compromising its cash position.
