Czech markets  |  16.1.2013 10:39:14

Last morning of coupon privatization


In the first half of the nineties was voucher privatization flagship former government garniture. The declared objective was to move as quickly as possible in the state-owned assets into private hands, and at the same time start the standard capital market.

Subsequent steps, particularly wild and unregulated trade of property in the style of "easy come easily lost" when people decide to sell shares at the price of one year's salary after consultation with the "expert" in the gym and even a few minutes, meant a quick shift substantial part of the property less knowledgeable hands have prepared special interest groups. That was a classic example of the concentration of capital in the capital market, however, it was rather devastating effect.

Introduced late, and often leaky mimochodná regulation then meant only download stock companies from markets, total unavailability of information and practical impossibility shares only zobchodovat, but at least to know about their value or offer for sale.

"Capital market" created on the drawing board of theoretical social engineers, not so very unusual, after a few years got another blow in the form of amendments to the Commercial Code allowing the expropriation of minority shareholders at a price set almost unilaterally by the buyer.

Czech "capital market", which from the beginning lacked the main characters, what should the stock market have lost a significant proportion of liquidity in addition also the most important: confidence of small and medium investors. From this wound has recovered and, by all indicators, nor recover.

Traded shares in CSD

The CSD accounts (where the shares were transferred from SCP) is still a large amount of 'dead' shares of different quality and composition. Since last year, comes the last event, and it usually charges completely worthless shares traded in charge unreasonable amount - calculated from the nominal value of the shares.

Charging is given by a simple formula:

Annual fee = O * n

O = volume of unlisted securities in the account at face value
n = coefficient for unlisted shares

For unlisted shares is an annual fee of 1 to 2 per thousand shares and the nominal amount of the fee is payable at a capacity greater than 180 000 CZK. The shares in the volume just above the amount paid by the owner about 2 thousand of their nominal value. The amount of 180 000 seems like a high limit, but by far not the case: Many shares on the Stock Exchange and RM-System trading at a fraction of the nominal value.

For example, shares ZOS Nymburk in the last days of his death on the "capital" of the market traded in blocks of many hundreds of pieces for the price of around CZK 10. The nominal value of the shares was obviously 1000Kč. Possibility of a subsequent transfer of the shares after delisting was almost nil. For a volume of 180 000 CZK in nominal and enough investment in the amount of 1800 CZK. The CSD is probably several dozen accounts which pay owners for shares purchased in the price of CZK 10 with a fair current value 0Kč fee CZK 2 1-year. CSD will therefore charge of about 10% -20% then "investment".

Even more interesting looks fee on shares Slavia Napajedla or Masna Brno, which was traded for CZK 1. DESTA shares with a nominal value 1000Kč traded for tens of cents, the annual fee CDCP so many times exceed 100% of the initial investment ...

Similar shares are more than ten years beyond any reach. They can not be sold, transferred, there is no public demand, the ruins of the old stock companies remain as a memento of ancient glory "capital market" created by the power of officials. Their owners do not have a chance to get rid of them any way, they remain only two real options: continue to pay annual fees of up to 100% of the original value, or donate their shares Endowment Fund CSD.

Last concentration of shares

For such people the interim owner of shares remains the endowment fund as a box of last resort.

According to recent reports, will be charged for the last year several thousand accounts in which the remaining larger blocks of shares.It can be assumed that the first invoice for the last year of their owners pay during the year, for a few meaningless attempt to obtain information about the value of their shares and then take gratitude for option shares at least get rid of for free.

CSD Endowment Fund so within a very short time become the owner of large blocks of shares different values ??and CSD are most likely those blocks subsequently attempt to sell.


President Joe meets street party committee.

"Well, Joe, how come you were not at the last meeting of the Communist Party?"

"Well, if I had known that the last, I would definitely come!"


In the future remains to be seen whether a given percentage of charging limits and volumes will remain at current levels. Even after this charge will remain in CSD blocks less than 180 000Kč at face value, ieaccounts of "shares of 20p coupon books" or small "investment" of those who traded stocks on the Stock Exchange and RM-System and did not manage to sell to the public at the end of trading.

CSD still records more than one million accounts with shares of voucher privatization, most of them classified.

Slovak securities depository for charging small shareholders came at an earlier time .

And as it touches the CSD bill you? Do you still unclassified shares account?

Links

Last IPO - supply and demand of shares from voucher privatization, advertising.

Shares CZ - Information on the last share price in the markets

CENTRAL SECURITIES DEPOSITORY - Act on Undertaking on the Capital Market

Více zpráv k tématu Bank of england

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