2023-06-03 02:35:13
© Reuters.
Por Andre Romani
SAO PAULO (Reuters) – CVC Brasil (BVMF:) has appointed Fabio Godinho as its new chief executive and announced an agreement with Guilherme Paulus, the company’s founder, for a potential contribution of 75 million reais, the tourism group said this week. Friday.
Godinho is the founder of MyDoor, a company in the real estate sector, he went through Webjet and has already worked at CVC, occupying the positions of director of new business and marketing and products.
He was elected by CVC’s Board of Directors and will take over on June 3, the company said in a material fact.
The new president will replace Leonel Andrade, who resigned at the end of May, after about three years at the company. CVC, which is undergoing a debt restructuring process, saw other executives leave the company, such as financial director Marcelo Kopel, in April. Carlos Wollenwebe was announced for the position last week.
The arrival of the new president was announced together with an agreement for capital injection in the company by Paulus. The two have worked together before, with Godinho having led Webjet — sold to Gol (BVMF:) at the beginning of the last decade — when Paulus owned the airline, and worked at CVC when Paulus was controller.
Paulus’ contribution would occur within the scope of a potential primary offering of shares to be carried out by CVC.
Under the terms of the agreement with Paulus, which was made through the founder’s fund, he will buy shares in the follow-on only for a maximum value of 3 reais per share. CVC shares closed at 3.60 reais this Friday, and the final price of the follow-on will only be defined after consulting the market by the coordinating banks.
In addition, the share offer must move at least 200 million reais, with an additional of at least another 100 million reais due to the execution of subscription bonuses that may be offered.
The terms of the agreement also say that the offer has to be carried out within 60 days.
Another point is that funds managed by Opportunity, currently shareholders of CVC, and which also signed the agreement, must close with Paulus an agreement to temporarily regulate the voting commitment for the election of members of the Board and the board of directors. There is no intention to form a control block, according to the material fact.
CVC has been experiencing financial difficulties, impacted by the Covid-19 pandemic, as the tourism sector was one of the hardest hit, having completely paralyzed operations at certain times.
The company has been seeking to negotiate its debt. The group reached an agreement this year to restructure around 900 million reais, while, in June last year, it raised approximately 400 million reais with a share offering.
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