investment funds and other foreign institutional investors used the capital increase of BCP to strengthen its exposure to the institution led by Nuno Amado, controlling about a quarter of the capital of the bank. The weight of these investors in the ownership structure was less than 20% before the capital increase of 1.330 million euros.
The strengthening of the institutional foreigners and the increase of the position of the Fosun were two of the factors that have contributed to the demand for the subscription of new shares expected in more than 22.9% of the available supply. Already the orders given to the securities allocated through apportionment exceeded by 14.3 times the number of shares available.
as the Business had already advanced, also the small shareholders of the BCP joined the operation, to the point of being with a share between 30% and 35% of the share capital of the bank. This percentage exceeds the initial estimates of management, which admitted that the investors in retail were less than 30% of the bank, against the previous 40%.
Shareholders with 1.6% of the share capital not exercised rights
In the press release with the announcement of the results of the operation, the BCP states that in the exercise of the subscription rights were the subject of subscription proportional 13.943.683.125 shares, representing approximately 98,4% of the total shares to be issued”.
So, have been available for apportionment 225.682.455 actions, as the holders of 1.6% of the share capital of BCP not exercised the rights which they have received, having lost the corresponding value.
The additional demand for the shares subject to allotment totaled 3.463.624.516 actions, in excess of about 14.3 times the amount available for the purpose. To those who asked for additional actions has been given at least 2,65% of the titles requested.
“The financial settlement of the shares subscribed in the exercise of the subscription rights occurs in the present day and the financial settlement of the shares allocated in the allotment is expected to occur on 7 February 2017,” said the statement.
this means that the payment of the new shares takes place this Friday and that the titles will be credited in the portfolio of the bank on Tuesday, 7 February. Two days later, on 9 February, the shares become available for trading on the stock exchange.
the actions of The BCP have recovered in recent sessions, having this Friday valued 3.9% 16,79 cents.
(news updated at 17:30 with the announcement of the BCP)