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Mexico’s GACM convenes meeting of trust-certificate holders
By Wendy Van Sickle
Columbus, Ohio, Feb. 1 – Grupo Aeroportuario de la Ciudad de Mexico, SA de CV (GACM) intends to terminate an investment trust and cancel its Fibra E trust certificates, according to a news release.
A meeting, held by CI Banco, SA, acting as trustee, will be held for all holders of the certificates on Feb. 12.
The purpose of the meeting is to discuss certain aspects of the current strategy of GACM and a proposal to authorize the early redemption of the outstanding series P shares representing GACM s capital stock currently held by the NAIM Fibra E, the issuer of the Fibra E trust certificates.
GACM “will also present a number of proposals to make the redemption process more organized and efficient,” according to the news release.
The amount payable to NAIM Fibra E, and in turn, to the Fibra E trust certificate holders as a result of the early redemption of the series P shares, will be UDI 5,443,604,589, assuming that the payment is made on Feb. 28. If the proposal is approved at the meeting, the amount will be paid in Mexican pesos considering the value of the UDI on the corresponding redemption date.
GACM expects to continue to work collaboratively with the Fibra E trust certificate holders to address their rights “and ensure that they are treated fairly,” according to the release, which noted that GACM's proposal to early redeem the series P shares “has thus far received positive feedback from a substantial majority of the Fibra E trust certificate holders.”
The trust was created to help fund a Mexico City airport. President Andres Manuel Lopez Obrador stopped the project after taking office on Dec. 1.
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