Mason Capital complains about Grifols’ transparency to Spanish regulator

MADRID (Reuters) – U.S.-based funding fund Mason Capital stated on Monday it had despatched a letter to Spain’s inventory market regulator CNMV demanding extra transparency from the embattled pharmaceutical firm Grifols (BME:GRLS).

The activist fund stated in an announcement it had recognized potential conflicts of curiosity linked to associated occasion transactions by present board members, failure of inner controls and a “rumoured clause” in a current bond issuance that advantages Canadian fund Brookfield at shareholders’ expense.

“We urge the CNMV to contemplate the advantages to all Grifols shareholders from improved disclosure,” Mason Capital stated.

The CNMV declined to remark concerning the letter.

Grifols shares had been down round 3% in late afternoon buying and selling following the assertion by Mason Capital, which owns a stake of about 2.5% in Grifols.

In early January 2024, Grifols misplaced a few third of its worth in a couple of hours after quick vendor fund Gotham Metropolis Analysis questioned its accounting and the scale of its debt. The share worth has not totally recovered.

Barcelona-based Grifols denied any wrongdoing and sued Gotham Metropolis. It additionally made a collection of governance adjustments, appointing a brand new CEO following the incident, and revised the worth of its debt.

In November, Brookfield dropped a plan to take over the human-plasma drug developer, along with the founding Grifols household, that valued it at 6.45 billion euros. The deal fell by means of as a result of a disagreement over the valuation.