The Bankia preferentistas receive their shares with losses of over 70%
Government bonds and 5.900 billion worth less than you paid
Los preferentistas de Bankia reciben sus acciones con pérdidas de más del 70%
Los títulos del Estado valen ya 5.900 millones menos de lo que pagó
La entidad se sitúa como el cuarto banco cotizado, por delante del Popular
Miguel Jiménez Madrid 27 MAY 2013 - 00:01 CET
The Bankia preferentistas receive their shares with losses of over 70%
Government bonds and 5.900 billion worth less than you paid
The company is ranked as the fourth listed bank, ahead of the Popular
Miguel Jiménez Madrid 27 MAY 2013 - 00:01 CET
Time for the truth. Investors in preferred they had their money stuck receive today Bankia shares that may be sold on the stock exchange. On the way, however, it has been most of your savings. Losses for preferentistas they decide to sell their shares in this day exceed 70% if taken as reference Monday's closing price of the shares on the stock exchange, but will have to see the price listed all day on Tuesday.
Someone 1,000 euros were invested in 2009 in preference of Caja Madrid today has 278 euros in shares
The Government agreed with the European authorities that holders of subordinated debt and preferred to take over part of the bailout of the nationalized entities. The Fund for Orderly Bank Restructuring (FROB), under the Ministry of Finance and the Bank of Spain, set the conditions under which it repurchased preferred shares with an important away from face value. These conditions imply a kind of second preferentistas removed because to get paid with shares valued at EUR 1.35266 when closed yesterday on the Stock Exchange to 0.60 euros, 55.6% less.
The main issue was the preferred Bankia 3,000 million issued by Caja Madrid in 2009, with Miguel Blesa as president of the organization. Taking this issue as a reference example, the FROB set a repurchase price of 62.68%, which could seem that investors would recoup most of your money. But the repurchase price is paid in shares to 1.35266. Someone who will correspond 1,000 euros were invested only 463 shares (626.8 / 1.35266) that actually, to yesterday's closing price (0.60 euros per share), worth 278 euros. The loss for the saver-investor are, therefore, more than 72% to the price of yesterday. And may be greater if selling pressure further brings down the share price.
moreCHART The complex process of arbitrationPunishment of Bankia preferredMassive losses to investors in the nationalized preferred
Bankia happening today with 11,517,328,544 shares trading on the market to enter the titles of the cash capital increase and the exchange of preferred stock. Banco Financiero y de Ahorros (BFA), parent of Bankia, will the 68.39% stake, but aims to achieve 70% to consolidate the subsidiary tax and use their tax credits. To do this, at current prices, would need to invest about 111 million.
Participation in BFA Bankia, which is owned 100% of the state through the FROB, is valued at 4.726 million euros despite just invested BFA 10620.7 million in subscribing new shares at EUR 1.35266. At a price of 0.60 euros per share, its unrealized losses are and, therefore, about 5,900 million. Private investors who just signed shares for 79.3 million euros in the capital also lose 55.6% even before the securities begin trading.
At yesterday's closing price, the value of Bankia Bolsa is 6,910 million euros. That places him as the fourth listed bank by market capitalization, behind CaixaBank (12.632 million) and ahead of Popular (5.252 million). Bankia keep this fourth place today if their actions do not fall below 0.46 euros.
If the action maintains high levels of recruitment, could return to the Ibex 35 in a few months.
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