Abelló Linde Centenary Book

The first two capital increases were special, as they were made with
supplies of machinery by Linde. The first, which gave rise to the return of the
German partners, has already been mentioned. The second also deserves an
explanation, as it was complex and difficult to do.
In 1961 – Extraordinary General Meeting of June 14 th 1961 – it was agreed
to increase capital from 7 to 25 million pesetas. The Germans subscribed their
participation for the second time with non-financial investments, something that
interested them as much as the Spanish partners, who thus obtained industrial
assets difficult to come by. The capital was not paid out at once, but gradually,
through passive dividends. The increase was done with an issue premium, so that
the shares were eventually subscribed for at 168.8% of the nominal capital. This is
the reason for the extraordinary increase of reserves of 16.1 million pesetas in
1961. The German partner’s investments were made in the form of bottles. The
availability of steel containers made it easier to distribute the gases and led to an
increase in sales.
The shareholders renounced the pre-emptive subscription right in order to
“keep 5,063 shares for the foreign holding”, that is, 28.13% of the total, a
percentage slightly greater than the German stockholding (25%). It was not a case
of an increase in Linde’s investment, but of making imports easier in accordance
with the value of the goods. It was established that the shares of the Spanish
partners would be paid out 25% while those corresponding the foreign
stockholding would be 50%. This discrimination seems to be related to the value
of the containers imported.
The Meeting of June 14 th 1961 approved the “ non-financial investment or
industrial elements, consisting of 3,000 compressed gas canisters”. The shares
were subscribed for as follows:
Shares
Federico Abelló Bruguera 2,879
Isidro Abelló Carreras 4,219
Juan Rovira Anglada 3,921
Concepción Abelló Bruguera 1,918
GfL Eismachinen 5,063
Total 18,000
With regard to the foreign investment, in the first payment they earned
4,023,755.25 pesetas, corresponding to a non-financial investment, and
249,416.75 pesetas paid in cash. In October 1961, which was the period set for
the Germans to regularize the contribution of 50% of the capital of the shares
subscribed, there was a delay, as “due to difficulties in the Italian producing
factory the delivery of the 3,000 compressed gas canisters that make up the nonfinancial
investment of G. Linde will not be possible”. 7 On the same date Spanish
shareholders were asked for a passive dividend of 25%, so that everyone would
be on the same level (50%).
New mixtures of gases: FRUTARGAS
7. CA, October 15 1961.
The return of Linde and a strong industrial boost (1956-1975) 121