The general shareholders’ meeting of Parlem Telecom approved this Friday the capitalization of 17.5 million euros of accumulated debt with the Inveready fund and the launch of a capital increase of 7.95 million euros. The corporate operation, supported by 99.97% of the votes represented, grants control of the shareholding to the alliance formed by Inveready and Global Portfolio Investments, the family holding company of the Mayoral family.
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The financial agreement received the favorable vote of the current CEO of the operator, Ernest Pérez-Mas, holder of approximately 12% of the shares. Pérez-Mas added his shares to the investor block made up of Inveready, Global Portfolio Investments, Ona Capital —vehicle of the Font and Carandell families—, Evolvia —of the Sorigué family— and various individual shareholders.
After the debt-to-equity conversion, Inveready came to directly hold 53% of Parlem’s share capital. However, the management company led by Josep Maria Echarri waived part of its rights to set its final stake at 49%, in accordance with the terms approved by the assembly.
In parallel, the meeting authorized the start of the capital increase of 7.95 million euros. Global Portfolio Investments took on the formal commitment to subscribe up to 50% of the issue, contributing nearly four million euros in new funds to strengthen the group’s financial position.
Together with the financial agreements, the assembly approved a restructuring of the corporate governing body to increase the number of seats on the board of directors from four to ten members. This point was approved with the support of more than 80% of the capital present at the meeting.
CEO Ernest Pérez-Mas voted against the restructuring of the board of directors. Despite the opposition of the company’s founder, the expansion of the board seats was ratified by the vote of the majority of shareholders present.
The board of directors will maintain its current four members: Ernest Pérez-Mas as chairman, Oriol Lobo Barquer representing Ona Capital, and Carme Hortalà along with Albert Buxadé as independents. Six new members will join this group.
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Inveready will incorporate four proprietary directors: Sara Secall Ruiz, Aniol Brosa Muela, Sara Sanz Achiaga, and Roger Piqué Pijuan. Piqué’s entry marks his return to Parlem’s executive leadership, after his resignation earlier this year due to a conflict of interest during merger talks with Avatel.
Those failed integration negotiations with Avatel led to a management restructuring in the company. The process ended with the departure of then CEO Xavier Capellades, and the reassumption of direct executive functions by Ernest Pérez-Mas at the helm of the operator.
The two remaining seats on the board of directors will be occupied by independent directors Silvia Martínez Losas, partner at the legal firm Lexcrea —advisor to Inveready in the operation—, and María Eulalia Oms Casano.
Sources close to the operation indicated that Pérez-Mas’s approach to the majority block in the financial vote responds to the desire to ensure operational stability with the new reference shareholders. Pérez-Mas’s continuity preserves the presence of the founding group in the new corporate stage.
The transfer of shareholding control comes after months of negotiations aimed at reorganizing Parlem’s ownership structure. The capitalization of liabilities reduces the level of indebtedness on the balance sheet and strengthens the company’s solvency in the telecommunications sector.
According to the documentation sent by the entity, the new directors will formally take office once the registration procedures in the Barcelona Mercantile Registry are completed. With this restructuring, Parlem closes the period of instability after the failed agreement with Avatel and consolidates its new governance.
