Carbonell, Koipe, Hojiblanca, Bertolli ... behind all these popular brands for consumers is Deoleo , a company that these days has focused the attention of investors on the stock market for its spectacular comeback. It is the clear example of what in financial slang is called chicharro , that is, a small capitalization firm and subject to intense volatility.
Its shares have risen almost 120% since last Thursday (73.5% on Friday and 33% on Thursday), that is, they have exceeded twice their value in just three sessions and touch 0.50 euros. Only yesterday, the comeback touched 13%, leaving its capitalization close to 70 million euros . The volume of contracting and the exchange of titles has been constant, but what is behind that vertiginous movement? What is the true value of the company? That is the key that everyone tries to unravel.
Opacity and speculation are the two explanations that are most repeated among analysts, who distrust the comeback. The only tangible is the strategy presented at the end of January by the company itself to ensure its viability and guarantee its future. The plan, approved by the shareholders meeting held on January 17, is life or death . It is an "accordion operation" based on the compensation of the losses of the shareholders, the segregation of the assets and the liquidation of Deoleo Preferred, among other points. "It is the only way to save it," sources familiar with the tactic acknowledge.
In detail, the company will reduce the value of its shares to zero and amortize them later; subsequently, it will launch a capital increase of 50 million to boost the renewed project, in which the creditor banks will have 49% of the capital in exchange for reducing the debt. "The banking entities want to recover part of the investment they made in their day and grow as shareholders to have more control tomorrow in the new project," explains Joaquín Robles , an analyst at XTB.
The minority, harmed
The biggest harmed by this play will be small shareholders again . In accordance with the strategy approved by the board, the company plans to issue warrants (a kind of certificates) that recognize minority rights of preferential subscription under the announced capital increase. "These securities will be granted at no additional cost and will give their holders the right to participate preferentially in a future revaluation of Deoleo that is revealed, above certain thresholds, on the occasion of its sale, merger or similar operation "explains the company.
Revaluation that, right now, are castles in the air and that turn the aforementioned warrants into certificates of trust without major guarantees. "It is not known what will be left after the liquidation and, in any case, the retailers are the last of the chain. Before there are all the creditors," explains Robles. The expert recommends " flee from these types of values" to those who are tempted by these striking stock-raising.
Several of the company's historical shareholders, such as Kutxabank or Unicaja, have sold shares equivalent to 15% of the capital in the last two months. CaixaBank and CVC Partners , the fund that controls 56% of the company and that will support the capital increase with 40 million euros in the event that it is not completely covered, remain in the capital. The presence of the British venture capital fund reinforces the speculative sensation of the last sessions.
SOS case
In case of missing any ingredient, the volatility of these days has coincided with the principle of agreement reached by the Salazar family, the former managers and shareholders of the company, with the Prosecutor's Office and Deoleo itself to avoid the trial for the so-called SOS case. According to Efe, the brothers Jesús and Jaime Salazar Bello have agreed to plead guilty in the investigation that is followed in the National Court for the alleged diversion of more than 200 million euros from the accounts of the company when Sos Cuétara was called companies controlled by the accused.
As EL MUNDO has been able to confirm, it is an agreement in the criminal case, but not in the civil case, "the truly important one."
According to the indictment, to which Efe has had access, Jesús Salazar Bello accepts 21 months in prison and 5,100 euros of fine for corporate crime, misappropriation, market abuse, fraud and insolvency punishable, and his brother Jaime abides 10 months and prison means plus a penalty of 3,300 euros for corporate crime, misappropriation and market abuse. One of the charges that disappear with respect to the original complaint is that of money laundering.
The start of the trial at the National Court is scheduled for Friday, February 14, although it will not start if the judge ratifies the agreement reached with the Public Ministry.
The prosecutor's brief focuses on the criminal responsibility of the accused and does not give details about their civil liability due to the extrajudicial agreement reached with the private prosecution, led by the affected food company itself, the former SOS.
Business network
The case acquired a remarkable magnitude a decade ago - the judge imposed a historical bond of 360 million euros - and left SOS in a delicate situation: it had to make provisions worth 475 million, approved an ERE and ended up detaching itself from the line business dedicated to rice, focusing on the oil sector.
The case dates back to 2009, after the SOS board of directors decided to cease both Jesus - then president of that body - and Jaime Salazar - vice president - upon hearing the first signs of irregularities.
The National Securities Market Commission (CNMV) had forced SOS to reformulate its 2008 accounts, which revealed a credit of 206 million euros granted to the Cóndor Plus company, controlled by the Salazar brothers. Both now recognize that these transfers of funds made between 2007 and 2008 were not known or formally authorized by the SOS management bodies.
The 206 million euros were sent from Cóndor Plus to another firm, Unión de Capitals, and from this one in turn to four other instrumental societies in the hands of the brothers, who acted "in the spirit of illicit enrichment." Much of this money was invested in the purchase of shares of the SOS itself to "control the value" of the securities on the stock exchange, according to the prosecutor's letter.
To "cover up" what happened, Jesus and Jaime Salazar opted for Cóndor Plus to sign four deeds in which he acknowledged 212.7 million of duty to SOS; however, the guarantee of payment for this debt were shares of the company itself - many already pledged in turn by other debts - and did not even cover the total amount.
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