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Thursday, June 7, 2012

The VCF Foundation takes an equity stake of 2.5 million

Valencia CF Foundation will be released soon on sale of shares worth 2.5 million euros, said today its chairman, Tarsilo Piles, who also noted that "there is no doubt" that will meet the next payment of interest the loan was granted to purchase securities of the club.

This was said after his meeting at the Department of Finance to the Minister Max Buch, which was accompanied by the president of Valencia, Manuel Llorente, and lasted for over two hours.

"We have explained to Councillor our line of work. We at the time we pay a fee, start thinking about next," said Piles, who recalled that the maximum amount by which the Foundation is legally authorized to sell
shares each year is 2.5 million.

He explained that the sales period will begin before the start of the summer and had been communicated to the other actions of the councilor could not tell at this time.
"The meeting was successful," he said.

Valencia CF Foundation has to pay over the next three months an amount close to six million euros, 3.5 times more than it can enter through the upcoming sale of securities.

This payment must be performed in interest loan of 75 million guaranteed by the Government and received three years ago Bancaja for shares in the capital increase of Valencia CF at that time was established.

Last Friday, Deputy Consell Jose Císcar, said that he would hold the meeting that took place today, five days before that held the patronage of Valencia CF Foundation on Monday.

Císcar said Friday that occurs the expiration of the payment of interest on the loan owed to the Foundation are Bankia three months and then considered at the meeting that took place were to find solutions.

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