We continue to advance in the ongoing negotiations, below we detail the most important facts of the different negotiations:
Meridien Holding
1 We have met several times last week with the aim of finding the best option to expedite the operation. Consequently this Board proposed a solution that could materialize in the short term, since the option of making a single 7M PP would take months to be approved by the different regulators.
2 The proposed solution is based on establishing the operation in 3 stages, thus expediting a rapid entry of capital and the possibility of executing the business plan proposed by Meridien.
3 Various documentation was requested, as well as the business plan, part of the documentation has already been provided and we are waiting for the rest of it.
4 The need to close a short-term agreement was expressed; so the Board set July 12th as the date to accept the proposed scenario or make another proposal along the same lines.
5 On July 12th the investor informed us that they accept the offer but with nuances that must be negotiated regarding the terms of a down payment that was requested to secure the deal.
6 The deadline set to execute the deal has been proposed as July 19.
Sale of the Spanish subsidiary
Negotiations with the investor continue since no other definitive option has yet been closed.
Other open options
We are talking to other investors to make a PP, in this case new conditions would have to be negotiated that would be duly made known to shareholders, as could be the case of a new Board of Directors.
In order to solve RevoluGROUP current situation, we keep all options active with the aim of being able to choose the deal that best suits RevoluGROUP investors.