We believe the Canalejas arbitration was always a price negotiation; the settlement should pave the way for the asset to be sold
Read MoreThe amount of cash is less important than the fact that the banks are not convinced that transparency at OHLA has improved after the
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Operational performance was in line with our expectations but was eclipsed by the upheaval in the boardroom. The first quarter is
Read MoreThe interview with the OHLA CEO contained some new information. If OHLA loses the Qatar (Sidra) case, it has the cash to pay, and
Read MoreJosé Elías's taking a bigger stake in OHLA would be better for corporate governance, but we would not expect him to be able to
Read MoreOHLA has got its €50m Right Issue away, whilst our analysis shows the company had the cash to pay the Kuwait judgement, the cash buffer is enhanced. Governance at
Read MoreWe would not bet against OHLA getting the additional buy-in from minorities to make the 25% shortfall in its €50m capital raise when it
Read MoreJose Elías and his consortium would have had €8.5m in rights but declined to participate. The Amodio brothers and Andreas Holzer have now
Read MoreThe Amodio brothers are unwilling to make any concessions to Jose Elías (and the rest of his consortium) over governance. If the Jose Elías
Read MorePHLA's 5-year strategic plan is evolutionary rather than revolutionary, but it still could create problems in the longer term. The plan anticipates growth in
Read MoreOHLA will need to raise at least €33m from shareholders outside of the Amodio family and the various consortia that entered the
Read MoreOHLA has denied having a cash crisis. This makes more sense to us, given the liquidity available to the company at the time o
Read MoreIf OHLA is out of cash, then how has this happened? The December restructuring left the company with nearly €100m in cash, so something is very
Read MoreThe directors who came onto the OHLA board as part of the Excelsior investment have resigned. We knew governance at OHLA was poor, but the row over the
Read MoreThe Amodio brothers are trying to prevent José Elías's allies from controlling the board, and he, in turn, is trying to dilute the Amodio
Read MoreThe execution of Guarantees in favour of Kuwait will tie up €39.5m of liquidity. OHLA has sufficient liquidity, but the outflow raises the possibility of further
Read MoreIt didn’t take long for the shareholders at OHLA to fall out. A potential €20m cash restriction would explain why the €50m convertible was still on the table after the
Read MoreMoody’s upgrade takes OHLA out of the Caa range and will allow rating-constrained investors to take positions in
Read MoreMohari was always in pole position to buy OHLA’s 50% stake in Canalejas. We see recent arbitration claims from Mohari as part of the price
Read MoreBoard rows at OHLA are inevitable, given the large egos that have now bought into the company. The board does not need to be friends, but they do need to let the managers
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