EiDF's return to the market is being even more complicated than expected after receiving authorization from the market supervisor (CNMV) to return to trading and lift the suspension that had been in force since April 14. At this time, the shares have not managed to set a price due to the impossibility of matching the avalanche of sales requests with the shortage of buyers, according to BME sources.
"The value is strangled, no operation has been married," they explain to La Vanguardia after 1:00 p.m. The regulator had estimated a drop in value of around 50%, but the drop range has been extended to 70% with the aim of allowing some change. At the moment, not even with this drop in share prices have operations been closed.
What until now was one of the most successful companies in the SME market and was preparing to make the leap to the continuum, could lose around 1,200 million euros on its return to the market.
The stock market crash of the solar energy company led by Fernando Romero, was expected news for this Monday after the CNMV alerted last week that it had detected "indications of falsification of documents related to invoices, works or deliveries of materials that directly affect to the group financial statements.
This alert is reflected in the forensic report that the company itself had commissioned by the Deloitte auditor after, in April of this year, the company's listing was suspended between delays in the publication of the 2022 annual accounts due to discrepancies with the auditor. , PwC.
The Deloitte report has found that three of the four partners of the company analyzed have been able to participate in "falsification of contracts and documents by those responsible for the company in order to justify the lack of control" over the situation of the company .
All the debtors of the company studied in the forensic are directly or indirectly linked to President Fernando Romero and "numerous incidents" are identified regarding "invoices and payments for services that could not have been provided or not be justified." All of this was often done "to comply with your auditor's request."
There are even supposed invoices for materials for works that had not been able to obtain the administrative construction authorization. Without this permission, "the execution phase could not be considered started, which is when it is possible to proceed with the delivery of materials," says the report.
There are also discrepancies between the costs recorded in accounting and the actual degree of progress of the works, possible contractual breaches and "not truthful or inconsistent" documentation.
Additionally, the body chaired by Rodrigo Buenaventura asked EiDF to communicate that it will hire a new CEO, as stated in the information it published on August 17.
In this case, the company did send a statement in which it indicated that the reorganization of executive functions that it announced implies the hiring of a new director or CEO and that the maximum period to complete the incorporation process will be six months.
Last week the company presented some accounts for 2022 in which it claimed to have entered 369 million euros and an operating result of 33 million, after undertaking an accounting readjustment of just 1.7 million euros. Some data that did not convince the market regulator. In this information, EiDF also promised to undertake the remodeling of its management leadership and claimed to have launched a recruitment process to sign a new CEO and new financial and operations managers.
