Tendam to propose a further capital reduction of 17 million euros to its shareholders

By

Eva Gracia Morales

Translated by
Roberta HERRERA

Published
Dec 23, 2022

Tendam is working on a new capital reduction amounting to 17 million euros. To this end, the board of directors of Tendam Retail has called a special shareholders' meeting to be held on January 23, 2023.

The purpose of this operation will be to "return contributions to shareholders", whereby the nominal value of outstanding shares will be reduced by 0.011 euros, as detailed by the company in a statement published on its website.

This will be the company's third similar move in less than a year: in May it announced a 30% capital reduction of 80.8 million euros in order to "optimize and rationalize the company's equity, the amount of which exceeds its operating needs," stated the company at the time.

The second capital reduction, amounting to 79.2 million euros, was announced in September with the objective of "returning contributions to shareholders by reducing the par value of each and every outstanding share".

Tendam Retail is controlled by Tendam Brands, which in turn is owned by CVC and Pai funds. The group, which comprises brands such as Cortefiel, Pedro del Hierro, Springfield and Women'secret, is experiencing an upward economic momentum: in the first half of the year it earned 577.4 million euros and increased its profit by 34%.