OHL will pay its current CEO, Juan Osuna, an extraordinary bonus of 18 million euros in "recognition of ir work and leadership" in sale of group concessions business to IFM fund for 2.235 billion euros. The company controlled by Villar Mir Group will submit approval of this incentive to extraordinary shareholders ' meeting that it has convened for next January 9th in order to give green light to this transaction.
It is given circumstance that Juan Osuna has occupied position of first executive of OHL concessions, division that is now sold to IFM, until his appointment as CEO of group on October 25, after relinquishing charge Tomás García Madrid.
In this way, in sixth item on agenda of its extraordinary meeting, company that chairs Juan Villar-Mir de Fuentes proposes to "pay an extraordinary bonus for gross amount of 18 million euros to current CEO of company, Juan Osuna, with "Purpose of recognizing ir work and leadership, which have made possible sale of OHL concessions, an operation that has had an extraordinary positive effect on group".
OHL indicates that this payment shall be "extraordinary" and will accrue and be paid at one time at time group receives amount of sale of OHL concessions, as detailed by company in report accompanying convocation of board.
The builder ensures that payment already has ' good view ' of its commission of appointments and remuneration, in estimating that participation of Osuna "has been decisive" to close this operation "whose result will be substantial and positive for " "Society and its shareholders."Comes out of ' junk bonus '
Moody's has climbed a step up note to OHL after 2016 exercise was reduced to three times and has placed it in B3, bringing it out of what is considered junk bonus. The qualification agency also leaves open door to new reviews upward in qualification of company controlled by Villar Mir group.
In this way, OHL takes a step towards improving its qualification and recovering ' investment grade ', one of main objectives of asset sales and restructuring plan that launched 2016 to cut debt and return to benefits. Precisely, Moody's supports its increase of note in firm last Friday of sale of OHL concessions to Australian fund IFM for an amount of 2.235 billion euros.
After this heading, which happens to purchase agreement of last October, Agency considers that risk that operation will not be closed successfully, even though y are still pending to fulfil certain conditions, such as approval in junta Extraordinary of OHL and launching of an OPA by IFM on OHL Mexico.