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Wednesday, September 28, 2022
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DLA Piper advises Elix SOCIMI on €18.3m capital increase

DLA Piper has advised Elix Vintage Residencial SOCIMI on a capital increase of €18.35 million by issuing and putting into circulation 11.1 million new shares

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At the Shareholders extraordinary General Meeting, the company resolved to fix the cash capital increase in €18,358,290.01 by means of the issuance and putting into circulation of 11,100,000 new ordinary shares of the company, with a nominal value of €1.6539, of which €1 corresponds to their unit par value and €0.6539 corresponds to the share premium of each new share issued under the Cash Increase.

The company had already agreed in December 2021 to carry out both cash and non-cash capital increases with the purpose of early repayment of the loan entered with Global Azawaki in July 2021 and to provide the company with the necessary liquidity for the normal development of its activities until the company generates positive net cash flow to cover the company’s operating expenses and the costs arising from the refurbishment and rehabilitation work on the assets that make up its property portfolio until they are fully completed, these assets are stabilised, all projected for the second half of FY2022.

Preferent subscription rights are recognised for the company´s shareholders.

The SOCIMI´s objective is the acquisition and refurbishment of residential properties in central areas of Madrid and Barcelona and the rental of the resulting homes: charming and functional homes that combine the recovery of original elements with designer interior design.

Renta 4 Corporate SA is the company´s Registered advisor, with DLA Piper Spain acting as Legal advisor.

DLA Piper´s team was formed by Corporate partner Joaquín Echánove, Corporate senior associate Francisco Bachiller, Corporate associate Ana Izquierdo, Real Estate partner Orson Alcocer and Corporate of counsel Jesús Palencia.

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