MADRID, 3 Jul. (EUROPA PRESS) -

Ercros has started a redemption process of 5.16 million treasury shares, with a nominal value of 0.30 euros and representing 5.34% of the capital, with the aim of reducing its share capital by 1.54 million euros, as reported by the company to the National Securities Market Commission (CNMV) on Monday.

After this operation, the share capital of Ercros will be fixed at 27,430,859 euros, corresponding to 91,436,199 shares, with a par value of 0.30 euros each.

This operation was approved by the ordinary general meeting of Ercros shareholders on June 16 and, subsequently, the board of directors gave the execution order.

The shares that the company will redeem were acquired within the framework of the shareholder remuneration policy for the 2021-2024 period.

Ercros has explained that through the redemption of the own shares that it owns in treasury stock, shareholders "will automatically see an increase" in their percentage of participation in the share capital.

This capital reduction will be carried out with a charge to voluntary or unrestricted reserves, making the corresponding allocation of a reserve for amortized capital, for an amount equal to the nominal value of the treasury shares actually amortized. Ercros creditors will not have the right of opposition.

The company has specified that, since the shares to be redeemed are owned by it, the operation will not imply the return of contributions.

The mandatory capital reduction announcements have been published today in the Official Gazette of the Mercantile Registry and on the Ercros corporate website.