Franco brothers extend the payment deadline to Martínez Sanpedro group for Codere acquisition
According to Martínez-Sampedro Brothers’ communication to the National Stock Market Commission (CNMV), at the same time Jesús and Joaquín Franco Muñoz have suspended the sale of the 71 % of Codere capital, property of Martínez-Sampedro, if the agreement of March 2006 was not complied.
In this date, Martínez Sampedro family agreed with Franco group the purchase of the 41 % of Codere, which would be developed in three payments: 41 million euros in cash, 162 million on April 30th, 2007 and 187 million in the same date in 2008. These last two payments would have had six additional months to be performed.
According to the payment Schedule agreed by both shareholders, if the third payment (187 million) by the 32.5 % of the capital -17.88 million of shares- was not performed before October 31st, Martínez Sampedro or Franco group could choose to start the acquisition process of the direct or indirect shares belonging to them in Codere, more than 71 %.
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