The CNMV lifts suspension on actions Urbas
MADRID (Reuters) – The Spanish stock market supervisor on Thursday lifted the suspension on Urbas (MC: UBS ), whose stock was suspended in September after initiation of a judicial investigation into the company for alleged crimes of fraud relating to the market and consumers and unfair administration.
Following the publication of a series of documents by Urbas at the request of the CNMV, the supervisor said the company will be listed on Friday, September 29, but drew attention to investors on the information published by the group.
Much of this documentation is related preliminary proceedings followed in the High Court, focusing on a capital increase for 385 million euros held in July 2015. The prosecutor argues that the real estate was valued Aldira – which it was integrated into Urbas by ampliación- “well above” its real value.
Specifically, the complaint is based on the “alleged irrationality” of the valuation of a portion of the assets of Aldira -some plots in Meco (Madrid) – that the tax valued at 28 million compared to the 174 million estimated May 2015 the independent expert in the operation.
As noted Urbas on Tuesday, the appraisals carried out Arquitasa and Institute Ratings reflect a current value of such assets of 180 million euros, and new appraisers estimate a buildable area much greater than that calculated by the Tax Agency, which otherwise it provides construction costs 30 percent higher, among other arguments put forward by the company.
Urbas adds that the audit commissioned Baker Tilly FMAC “has confirmed the validity and reasonableness of the registered valuations, as well as the interim financial information” presented for the period to six months ended 30 June.
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