Inverse effects of Alro auction adjustment.

After the intermediaries of the Alro quotation offer have amended the offer prospectus for a price between 3.50 lei / share and 4.00 lei, the price on the secondary market went down to the minimum level of the market transaction, In the confusion, individual investors withdrew their orders for a quarter of the shares subscribed yesterday. We see to what extent these movements are a simple technical process related to the reintroduction of orders at the new prices or repellents of the investors because they experienced a weakness of the offer which was extended for 3 days until the end of the year. next Thursday. Retail investors can enter orders up to the last day of the offer, and will benefit from the 7% discount valid until July 5th.

The change in the supply of Alro yesterday seems to be fake less than individual investors, and replanting has created adverse effects to the desire of the middlemen to increase the participation which, at the end of the day yesterday, was slightly below 11% on the retail trade. On the contrary, the delimitation of the subscription period in the area of ​​3.50-4.00 lei / share, after previous investments of private investors were made at the maximum price of 6.18 lei / share, created a confusion on the market [19659004] Orders covering a quarter of the shares subscribed until yesterday were withdrawn at the mid-meeting today. Thus, 358 orders placed for 4.65 million shares are currently in the stock market, the value of investments being 18.60 million lei (3.99 million euros). At the end of the subscription program yesterday, 353 orders were placed for 6.23 million shares representing 10.83% of the retail tranche, or 38.5 million lei (8, 26 million euros).

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The prospectus amendment approved yesterday by the Financial Supervisory Authority also took effect on the secondary market. The quote replicated in the area of ​​minimum supply. If yesterday the closing was priced at 3.6800 lei / share, today most of the transactions around lunch were made at 3.50-3.52 lei / share. There are values ​​ranging from the price explosion to an ex-local dividend of 4.76 lei / share which anchor the expectations of the closing price of the offer whereby the controlling shareholders Vimetco and Conef aim to alienate a stake of nearly 53.77% the share capital of the aluminum producer

Then, as Profit.ro reported the previous days, there are small investors who prefer to buy shares in the market secondary market without waiting for the closing of the market transaction by a consortium consisting of Deutsche Banking, UBS, BT Capital Partners, BCR and Société Générale Group

The reaction in the secondary market seems to indicate a closure of the lower price range of the Supply, which would give the aluminum producer a market value of about 2.50 billion lei (536 million euros)