Sporting confident it will maintain control of SAD leonine

The Sporting SAD General Assembly approved this Friday, unanimously, to extend the period of payment of mandatory convertible securities (VMOC), worth 55 million euros, for over ten years. The club is believed that New Bank and BCP will support the initiative.

In a statement sent to the Portuguese Securities Market Commission, Sporting advises that all holders of securities' values ​​Sporting in 2010 "gave its consent to the decision to extend the deadline for payment of convertible bonds and it is now up to the banks, which had representatives in general meeting today, decide whether they are willing to convert or not VMOC's in the SAD leonine actions, prolonging the period of maturity thereof.

Bruno Carvalho believes that the measure will be supported by the banks that hold these bonds.

If this plan were not approved, these securities would eventually be converted immediately into action on the 17th of January, endangering most of the club in SAD. The VMOCs concerned were contracted in late 2010, during the administration of President José Eduardo Bettencourt.

In addition to the New Bank, also the Portuguese Commercial Bank (BCP) has convertible bonds of Sporting SAD that are due on the 17th of January.

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