ccording to a communication sent by shareholder José Antonio Martínez Sanpedro to the National Shareholder Market Commission (CNMV), Sanpedro family will put to sale its shares because they have not faced the 41 % of the capital they bought in March 2006 to brothers Jesús and Joaquín Franco, former shareholders of the company.
According to the note, both families will be able to “start the sale process” of the shares and have had contacts in order to "evaluate the situation, the possible alternatives and the eventual development of the sales process”.
CNMV decided to suspend the quote of Codere in the stock market, expecting the company to announce its decision on its participation in the company, because it concluded the deadline for Martínez Sampedro family to make the last payment for the acquisition of more than 17 million of Franco titles, with a value of 187 million euros.
Martínez Sampedro family informed last September 29th that it could sale its participation in Codere in case the second payment of the purchase of the 41% of the capital of the company to brothers Jesús and Joaquín Franco was not satisfactory.
Both families agreed in March 2006 that Martínez Sampedro had to pay Franco shares in three installments: 41 million euros in cash, 162 million on April 30th, 2007, and 187 million in the same day of 2008.