l. What's the connection to Nelson Tanure?
15 March 2019
Three companies hold 18.71% of Pharol and only one is owned by Nelson Tanure. The Brazilian investor decides not to be in command of the other two, but admits some proximity. Next week will be critical.
Three companies control more than 18% of the capital of Pharol
One is based in Lisbon, another in the USA and another in Malta. At first glance, everything seems to be autonomous companies. But in recent weeks new rumors have surfaced about these qualified entries.
Officially, no one comments. But several market sources assure ECO that they are linked to the same person: the Brazilian investor Nelson Tanure , who has a seat in the administration of the Portuguese quota. The High Bridge , which holds 9.99% of the company, and High Seas , which owns another 2.41%. The third company is called Blackhill , holds 6.31% of Pharol and is the only one officially owned by Nelson Tanure, according to information provided to the CMVM.
Together, they represent more than 18.71% of the capital of Pharol. But the lack of clarity surrounding the property of High Bridge and High Seas (the first is attributed to Atlantis Global Investments and the second to Angra Capital Management) leaves the next general assembly of the Pharol shrouded in fog.
This is because Pharol's bylaws are armored at 10%, so it is necessary to determine the true nature of the connection between the three shareholders, to see if they can vote individually, or if the limit is imposed on the 18% as if they were a position only. According to the Jornal de Negócios (paid access), this clarification should emerge soon. And next week will be critical, as the general meeting of Pharol is scheduled for March 29.
Asked by the ECO whether the High Bridge and the High Seas are directly or indirectly controlled, Nelson Tanure is peremptory: the answer is no. He says it's information that "does not proceed." To Jornal de Negócios , however, official source of the Brazilian investor admitted that Nelson Tanure "has old partnerships, bonds of friendship, success in investments with High Bridge". But he recalled that such "is not synonymous with property."
Suspicion in the market that the three companies could be acting together increased this week when High Bridge asked the General Assembly table to include new items on the agenda. The proposal paves the way for a genuine revolution in the management of Pharol, with a reduction in the number of administrators from 11 to 9, the immediate dismissal of four current elements and the naming of new names.
Among the new names are Denise dos Passos Ramos, Carlos Bulhões Pereira and Ronaldo Carvalho da Silva. According to the same newspaper, they are managers who have connections to Nelson Tanure.
High Bridge, Pharol mystery shareholder
High Bridge made headlines in May 2017, when it entered the capital of Pharol with the purchase of the 6.17% stake held by BCP, which was valued at 14 million euros . Just then, the first rumors came that Tanure was the investor behind the purchase.
Almost two years later, this position has increased. On March 8, 2019, the High Bridge reinforced the qualified participation to the current 9.99%. Just the same day that Blackhill, publicly attributed to Nelson Tanure, increased from 4.83% to the current 6.31% . The information was disclosed on Tuesday to the CMVM .
Pharol, a former holding of Portugal Telecom (PT), which is still listed on the Lisbon stock exchange, holds a 5.51% stake in the Brazilian operator Oi and a credit of 897 million euros in Rio Forte, Santo (GES). It is headed by Luís Palha da Silva and has pursued a mission to recover the investments to shareholders "caught" in the failed merger of PT with Oi and the fall of Banco Espírito Santo (BES).
Among the main shareholders of Pharol are still Telemar Norte Leste, with 10%; the New Bank, with 9.56%; and the Adar Macro Fund, with 4.80%.