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The public sale offer launched by Vimetco and Conef for up to 53.77% of the shares of Alro Slatina (Alro) fell, with the issuer announcing that Due to adverse market conditions, it has not concluded a price agreement between the company, the shareholders and the coordinators for a maximum amount of 383.79 million units put up for sale .
"The primary goal of the company and its shareholders was to continually create value for shareholders by increasing the percentage of freely traded securities to better reflect the true value of the company in the Alro stock price. "Unfortunately, due to the adverse market conditions, Alro and its shareholders do not believe that the offer was ultimately an opportunity for this," said the aluminum producer on the Bucharest Stock Exchange (BSE).
Moreover, the market operation gave signs of weakness throughout its course
If the offer was originally to take place between 2 and on July 16, with a maximum price of 6.18 lei / share (to which retail investors had to subscribe 15% of the package put up for sale) 70% higher than that of the market on June 26, the day before. Announcement of the announcement by the Company that the Prospectus approved the Prospectus by the Financial Supervisory Authority (ASF) on July 12, the issuer announced the extension of the market operating period three business days, lowering the maximum price from the subscription to 4 lei / unit, and setting a minimum price of 3.5 lei / share.
In addition, the 7% discount on the price of the offer, which should have benefited individual investors, was extended for the duration of the market transaction, compared to the first four days initially established, over time. the minimum subscription of 100 shares was removed
However, individuals did not crawl to buy shares of the aluminum producer in Slatina. At the end of the trading period of the market, 681 orders were placed on the retail segment, representing 9.44 million shares, which represents only 16.4% of the total number of securities for the details.
On the secondary market, for the supply period, the ALR price fell by almost 16%, the average price on the part of the aluminum producer being July 19, 3.5 lei. / minimum share in the offer.
The Issuer did not provide details on the participation of institutional investors to whom 85% of the shares were intended, which could be subscribed at any price between 3.5 and 4.
Offer intermediaries were Deutsche Bank and UBS Investment Bank as global coordinators, while BRD – Societe Generale Group, BT Capital Partners, Raiffeisen Centrobank and IMI SpA Bank were "Associate Managers".
As part of the market operation, Vimetco sold for sale nearly 356.89 million shares and Conef 26.09 million shares
In addition, Vimetco and Conef are not the first to sell Alro shares, in 2011 they postponed the offer that they wanted for 21% of the shares of the company in Slatina, the two shareholders then claiming the absence favorable market conditions.
Vimetco NV, registered in the Netherlands and controlled by Russian billionaire Vitali Machitski, holds 84.19% of the aluminum producer, while Conef holds a 3.77% stake and Proprietatea Fund (FP ) holds 10.21% of the issuer.
In 2017, the aluminum producer achieved a net profit of 391 million lei, five times more than in 2016, while the net result was 72 million lei
Au closing price of LRR shares last week, the stock market, 3.5 lei / share, the company's market value to the BSE is 2.49 billion lei.
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