The deadline for shareholders to participate in the Euros 18m capital amplification of Spanish production powerhouse Lolafilms has been pushed back until mid-July.
The amplification of capital was approved on March 22 by Lola shareholders, led by 70% backer Admira, the media unit of Telefonica, and Lola CEO Andres Vicente Gomez, who owns the bulk of the remaining 30%. According to unconfirmed reports, Gomez recently acquired a further 7% stake from Lolafilms board member Manuel Lombardero.
The refinancing scheme was intended to balance Lola's estimated Euros 11m in losses and give the company's production and distribution activities a boost. Shareholders originally had 45 days to subscribe to the amplification following the publication of the March 22 announcement.
Admira and Gomez are both understood to have subscribed so far with a minimal contribution to guarantee their continued participation.
In March, Gomez said that he was prepared to raise his share in the company if other minority shareholders chose not to participate in the amplification.