BHS (BH Securities a.s.)
Czech markets  |  October 02, 2012 09:23:01

ERSTE - Major shareholder sells 14 million shares


The main shareholder ERSTE ERSTE sterreichische Spar-Casse Privatstiftung or ERSTE Foundation last night announced that the international and Austrian institutional investors sold 14 million shares in the bank. Rate fixed at 16.80 euros, ie below yesterday's conclusion of € 17.67. The sale is expected to get to 235 million to fully cover its liabilities. Its share to decrease by about 3% to 20.2% and continues to be the main shareholder of the bank. Sales of other shares already planned. Foundations have actually implemented a plan that suggested in the spring. The reason was actually last year's loss ERTS, respectively. not pay a dividend this year and the foundation needs to fund its loans.

The above transactions up to 1 million shares decided to buy the Spanish CaixaBank, which is another main about 10% shareholder. The Foundation stated that in ince high investor demand in the "bookbuilding" offer was covered in a few hours.

Reference can also reduce the target price by Keefe, Bruyette & Woods from 20 EUR to 18.40 euros, confirmed the recommendation "market perform".

On the market today, you can logically expect a negative reaction to the title, or when course. can get towards the "sale" price. It seems to me, however, should be a short affair, which many investors use the renewal or extension positions.  

J.Zendulka

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