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Sapena (Lleidanet) prepares the judicial artillery against Banco Santander

Sisco Sapena demand in the courts compliance with the order of the Supreme Court. The High Court ruled in an order that Banco Santander and SEPI had to sell the titles from Lleidanet to the CEO, and not to the market, as they finally did. The shareholders, a fund of the Cantabrian entity chaired by Ana Botín, and the State Industrial Participation Company sold the company’s shares directly to the highest bidder, despite to be a cause of subjudice.

Banco Santander and SEPI demanded compliance in court, these two reference shareholders got rid of the leidanet titles

In this sense, the private and public entities, respectively, revoked the word given in a contract signed in 2015 and unilaterally revoked it in 2020, when the titles skyrocketed almost 1,000%. The IS legal office of the Chief Executive Officer of Lleidanet He has been preparing the law for months, after resolving the rejection between the fund Banco Santander -Cántabro Catalana- and SEPI. Request made by the save between April and May of this year.


And that is the damage to save, like the rest of Lleidanet’s shareholders, is strict on the operation of both institutions. Between the two they were more than 14% of the capital, at a rate of 7.08%, respectively, a high amount so as not to be moved on the market and all with a representative on the Board of Directors. “My lawyers are working on the lawsuits“Sapena successfully presented the company’s results.

Sisco Sapena, CEO of
Sisco Sapena, CEO of Lleidanet

Initially, Sapena planned to go to court before August. Due to the complexity of the case, a more comprehensive and in-depth work has finally been done to avoid loose edges. And that is, the rush is not good when it comes to judicial issues. “He will be legally required to comply” the order of the Supreme, among others, has followed. “They defended in court that it be fulfilled“, he informed regarding the 2015 agreement, which was signed in front of the IPO.

In that agreement, the sale of 21% of Lleidanet to Sisco Sapena was established, at a price of 1.37 euros per share. Although Banco Santander and SEPI demanded compliance in court, these two reference shareholders got rid of the titles, but on the market. The stock was trading at around 9 euros at the time, almost an all-time high.


Both SEPI and Banco Santander confirmed that they were under no obligation to offer them to Sapena, despite the bank itself claiming the sale in a burofax dated 2016. “irrevocable” of the titles to Sapena. The fund’s maneuver, according to market sources, could be a response to the heavy losses recorded during the outbreak of the pandemic.

The Lleidanet titles were their real oxygen ball to balance the red numbers. “It is not acceptable to demand that something be done when it is convenient for you, and when it is not convenient, it is not done. When I say I say, I say diego”, he described Banco Santander’s strategy.

The IS National Stock Market Commission (CNMV), for its part, does not consider SEPI and Banco Santander reference shareholders in SEPI, despite having a position on the board, and did not initiate an investigation despite the complaint filed by the company concerned itself before the same regulator . The courts will once again have the final say.

TIPS potential reaches 200%

On the other hand, Lleidanet shares are currently trading with strong upside potential after losing 40% on the year. Despite the fall, the one listed on the Euronext, Wall Street and i BME growth is supported by analysts, for example Checkpointwhich grants a target price of 7.5 euros, a 200% revaluation compared to last Friday’s closing levels.

Sapena explained that too Lleidanet becoming better than direct competition. The giant Twiliofor example, sinking almost 70% a year and its market capitalization decreased to 15,000 million dollars.

On the other hand, the fall in the half-year profit of Lleidanet is due to InDenova, the most important purchase of the company and whose business model is different from that of the Catalan company. In this sense, the Valencian company has an unlimited rate system, and the Catalan company charges for using all services. On the subject, InDenova contributed only 479,000 euros to 2.2 million sales in the second quarter.


Also, it should be remembered that most of the billing takes place in the fourth quarter of the year. For this reason, a second half is expected to be better compared to the first, which made expenses more than income, due to the reception of the team of the Valencian company, which increased staff costs. For Checkpointthis situation will be temporary and he expects a much better profit for 2023, which reduced the Ebitda estimates for this year by one million, to 2.3 million.

However, he reinforced his advice on “buy” because the rising risk premium in tech stocks is affecting share prices and the market’s traditional bias toward short-term profits.

All this after an increase in turnover of 23%, up to 5.3 million, although a loss before taxes of approx. 6.000 euros, after receiving a profit of 268,000 euros in the second quarter of the year. Despite the 21% increase in the gross margin to 2.7 million euros in the second tranche of 2022, costs have increased by 34%, to 2.5 million. With everything, Sapena prepares the check book to buy more shares of the company. Currently around 36%.

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