| 
| 
The Society ELCOGAS, the Corporation has suffered some considerable losses during the tender age of the transient period, fixing for the Staff to end of 2010 for the adaptation of the electric companies to the market of free competition. The legal obligation of amortising the assets in terms of the foreseen collections of payment ( transitional Costs to the Competition, CTC ), and the absence of said collections of payment during the first exercises, they have been the reason that losses had gotten to 47.3 million.
In order to reinforce the company situation, the general meeting of ELCOGAS, celebrated Corporation the past May 27 the compensation of the account has agreed upon Losses Accumulated by means of a reduction of Capital Stock stops, from now on, fulfilling an enlargement of the aforementioned Capital Stock for compensation of the Subordinate Communicative Credit that Associates held at the Company.
The total sums of them referred operations are:
- Nominal lessening in value of 14.27 euros for action to 0.76 euros for action to compensate losses of prior years.
INITIAL CAPITAL STOCK 49,959,131.18
RESULTING CAPITAL BEHIND REDUCTION 2,660,000
- Enlargement for emission of 77,696,640 stocks of face value of 0.76 euros subscribed by compensation of the Subordinate Communicative Credit.
CAPITAL BEFORE INCREASE 2,660,000
FINAL CAPITAL BEHIND INCREASE 61,709,446.40
This operation is delimited within the Strategic Rede of ELCOGAS, Corporation that, with the support and endeavour of their Associates, he tries to make suitable his financial structure to the challenges of the Market Electric.