The businessman Nelson Tanure met in New York on Tuesday with Robert Citrone , founder of the fund Discovery Capital Management and portfolio manager of the American fund , with whom the Brazilian businessman began to dispute control of HRT .
The meeting lasted just over 30 minutes, but an effective conversation for a possible agreement between them even started . According found the value , the Discovery Tanure informed that , since the entrepreneur started arbitration against the background , any kind of conversation that would happen in that forum . Unless the employer does not take the procedure forward . Tanure would then informed that it would withdraw arbitration proceedings .
Tanure was meeting in New York accompanied by former Communications Minister , Hélio Costa , appointed to a board member of HRT on the plate of the current management of the company . According found the value , the proposal was to propose a truce to the conflict in charge of the company is shut down and the spotlight are just meant for business.
In the current corporate structure , the next council of the oil , which will be elected in March , will remain divided , although apparently the Discovery get most , although some funds that support the Discovery are already evaluating sell shares .
Even if the U.S. fund get majority on the board , if the guerrillas with the creator of HRT , Marcio Mello , who has now allied as Tanure not stop , the company will not be able to thrive .
According to sources , even if Tanure terminate the arbitration proceedings , the chances of agreement are very difficult .
That's because Tanure want the Discovery agrees to take a sort of forgiveness for Mello, who last year faced the dissatisfaction of the initial investors of HRT with the lack of results and the company's cash burn considered high due to an exploratory program without results until right now.
As if these reasons were not enough , the shareholders did not accept a ' severance package " approved early last year which cost around £ 26 million to HRT in severance payments to former directors, including Mello , and was designed to shield administrators after a bid for HRT .
The U.S. fund is not willing to stop taking this assessment Analyst compensation package. The package provided an indemnity to directors Marcio Mello , Wagner Peres , John and Elijah Willot Shikongo ( the others gave up the money ) if the company's management failed to elect certain directors meeting in April last year.
The payment would be due even if they renounce , without being dismissed . Those who have given up are Patrick Joseph Ash , Thomas Ebbern , Peter O'Brien and Charles Putz .
When the package was approved , it was already known that the Discovery elect directors at the company and that some of the nominees for the administration would not be chosen .
However , the shareholder of the company who voted in the Assembly was not aware that the non-election of certain directors trigger compensation administrators . Among those receiving money are Mello , his sister Maria Emilia Rocha Mello and Carlos de Azevedo Tersandro Adeodato .
The Supervisory Board appointed by Discovery wanted this issue to be brought to shareholders for them to decide whether to prosecute Mello and other administrators and demand a refund .
Tanure is willing to forget about it , but not Discovery . Tanure proposes that Mello is part of an advisory board on HRT .
As heard by the value sources , the possibility of both Discovery Petrochem as JG , make an offer for all HRT is minimal. That's because , according to the situation of the company , the offer would have to be the economic value, plus 20% premium .
Make offer on the terms required by the statute would be virtually " throw money away " . However , so far it is not clear the reasons for Tanure have " bought " this corporate fight, aligning the Mello against Discovery .
AI
