スペインの銀行再編基金(FROB)は、資本注入のために、Bankiaの株式の評価額を0'127ユーロと定め, 400'000人の株主の投資はゼロに、すべて損失
El FROB valora las acciones de Bankia en 0,0127 euros para inyectar capital
Los más de 400.000 accionistas de Bankia perderán casi toda su inversión
Los títulos se reagruparán y cada 100 acciones pasarán a convertirse en una de un euro
La valoración es un 95% inferior a la cotización actual en Bolsa, que están en 0,25 euros
Miguel Jiménez / Amanda Mars Madrid 22 MAR 2013 - 19:14 CET
The FROB Bankia shares valued at 0.0127 euros to inject capital
The over 400,000 shareholders Bankia lose almost all of their investment
Titles are grouped together and each 100 shares will become a one euro
The rating is 95% lower than the current price on the stock market, they are in 0.25 euros
Miguel Jimenez / Amanda Mars Madrid 22 MAR 2013 - 19:14 CET
The worst fears Bankia shareholders have been confirmed. The Fund for Orderly Bank Restructuring (FROB) has definitely shares valued at about 0.0127 euros Bankia to the conversion of preference shares. That valuation implies in any case that the current shareholders of the company will be diluted almost entirely as planned since the announcement of the opening equity of the entity, and that will cause the stock market to sink titles.
The reference price for the swap, 0.0127 euros (pending minor adjustments), is 95% below the price at which closed today Bankia shares on the Stock Exchange of 0.251 euros. Losses of over 400,000 shareholders Bankia will be enormous. The investors in the preferred too. Depend on the price they get from selling the shares they receive in exchange for their shares, which will change with a loss of 38% of the value of the investment. According to the FROB 4,800 million in preferred there.
After the process, only 0.12% or 0.13% stake in Bankia will be held by existing minority shareholders. Approximately 70% will be held by the FROB and 30% for holders of subordinated debt and preference.
Along with the update of the nominal value, the FROB has also announced that it will conduct a reverse split of the shares of Bankia. This operation will consist of a cluster of actions packet, specifically for 100 titles, adding to its value, which does not alter its share capital.
After the move, for every 100 shares of the bank's shareholders will have a single share of a par value. This will provides liquidity to the shares in anticipation of that, otherwise, the quoted price will get closer to the nominal value of 0.01 euros.
The process is actually more complex. As a first step we proceed to a reduction of capital to absorb losses by reducing the nominal value of each share from 2 euros to 0.01 euros, in line with l negative economic valuation -4148000 entity. "With this first operation complies with the statutory mandate that shareholders as owners of the company are the first to absorb losses with almost all of its stake," said the FROB
Next, take out the reverse split or reverse split "in the proportion to be determined (probably 100x1)" to return the par value to the amount of one euro environment.
Was then injected through capital through two simultaneous operations. The first capital increase will be with preferential subscription rights for existing shareholders for an amount of 10,700 million euros. The portion not covered by the shareholders (almost all, predictably) be signed by the FROB through Financial Savings Bank and through convertible bonds subscribed by that amount last December.
The second expansion, amounting to approximately 4,840 million, excluding pre-emptive rights, serve to give input in the capital of Bankia participacione.0s holders of subordinated debt and preference BFA-Bankia group.
The subscription price will be the same in the two capital. This price is based on the absorption of the economic valuation of the entity, that is, l absorption of negative economic value. Thus, the subscription price shall not be 1 euro but euro plus a premium to cover the negative economic value of 4.148 million euros, that value will be allocated between the new shares. Since we are going to issue some 15,540 million new shares, the value equals 0.27 cents per 100 shares, approximately, or 0.0027 euros per current title. Therefore
But investors will not receive preferred shares for total investment. The FROB will impose on holders of hybrid instruments customers discounts on their initial investment which stands at an average of 38% in the case of preferred shares, 13% for subordinated debt with maturity and 36% if it has subordinated debt imprisonment. For subordinated debt with maturity, the customer can choose between equity or a bond or deposit until maturity of the original product.
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