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Or the habit of. Holders of Comgás shares will be "orphans" of the OPA, a voluntary public offering for the acquisition of "A" clbad preferred shares issued by its subsidiary, Cosan. The offer will be conditioned upon the adhesion of two-thirds of the shareholders holding the outstanding shares.
Cosan's share is expected to increase from 80.1% to 98% of the company. Cosan says that he does not intend to close the capital of Comgás. But with the small percentage of shares in the market, this offer will further reduce the company's meager liquidity, resulting in the "shutdown" – and thus missing from its shareholders.
Comgás is committed in its bylaws to pay at least 25% of net dividend income, after the constitution of 5% of the legal reserve. The preferred shares were entitled to a dividend 10% higher than the ordinary shares.
During the past year, R $ 139.293 million was distributed in the form of dividends and interest on capital, which corresponds to R $ 4.88 per preferred share, according to B3 data. Between 2015 and 2016, total dividends paid to shareholders more than doubled. Some of the preferred shareholders are in "mourning" with the potential loss of this product, but the news is not exactly bad.
<img src = "https://images.infomoney.com.br/uploads/mercados/dividendos.png?1548091530775" alt = "
since the amount proposed by Cosan is 82 R In other words, investors will receive a premium of 23.3% on the January 18th closing price.
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Among the lucky ones who have seen their capital invested in Comgás turn from day to night, any of them is distinguished not only by his notoriety amount of stock he owns. Economist Luiz Alves Paes de Barros, one of the founders of Alaska Asset in 2015, is considered a legend in the financial market and also plays roles in the Poland Black fund, his personal investment portfolio.Poland has invested in Comgás since its creation in 2003 and 6,856,581 shares were issued in October 2018 (the latest available data available to the CVM).
Poland has invested in Comgás since its creation in 2003. The shares represent 17.735% of the total badets of the Paes de Barros fund.
Given these figures, Paes de Barros could receive 562,240 million rand with the transaction, which would be 106,277 million rand more than if it had sold the shares at the closing price of the last trading day (18 ). Alaska Black also has a stake in Comgás. It should be noted that Cosan, which currently holds 17.46% of the preferred shares of Comgás, has already concluded an agreement with Alaska for the purchase of its shares.
According to Credit Suisse, the price of the transaction indicates that the Comgás stock was undervalued and believes that, for Cosan, this could be part of a process of more corporate restructuring vast, which should also include Rumo (RAIL3). ) and Cosan Logística (RLOG3).
At the trading session on Monday (21), the first after the announcement of the public bid to buy, the PNA action of Comgás has already reached its historical high daily $ 80.80, recording gains of about 20% during the trading session. . CGAS3 badets grew by approximately 17%.
As Comgás pulls, Cosan fell on the stock market, believing that the company is paying above its fair value. "The premium paid on CGAS5 seems high initially and represents about 2% of the market value of CSAN3", according to Itaú BBA badysts.
"The offer comes from a fairly stretched valuation, implying a market value of
Thus, even if some investors may miss a good dividend payer, some rejoice in it, especially after the strong rally recorded on Monday, Monday
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