The two brothers that control the Corticeira Amorim, SGPS, António Ferreira Amorim and Amorim, sold each 5% of the share capital of a company listed on the stock exchange, an operation that may help to appreciate more the title, that in the last 12 months rose 75,41%.
The operation has allowed a fitting of 105 million euros which goes directly to the two branches of the family, and that continued with a joint participation very comfortable, which descends from 84,8% to 74,8%.
With the sale exclusively to institutional investors through a process of quick sale (accelerated bookbuilding), the two shareholders intend to "contribute to the strengthening of the level of dispersion of the share capital of corticeira Amorim, meeting the increasing interest expressed by investors, domestic and international, enhancing the liquidity of the title and the fostering of a greater representation of the title in the PSI20".
In an interview to the PUBLIC in September, the chairman of Corticeira Amorim, António Rios Amorim, had already in advance for some information. "[the greater dispersion in the stock exchange] will be one of the next topics of discussion between the shareholders. Family, since 1988, has never had a membership as large as it has today. Had 55%, 51%… Only in the last few years is that, with the depreciation of the company on the stock exchange, we bought and we have reinforced our position as a shareholder. Some increase in liquidity will be well seen by the market because it increases the depth of the title. (…) It is something that is on the table, but we are never to speak of dispersions very large," said the businessman.
The sale, held 7,90 euros per share, down 8.6% less than the last quotation, generated in session this Friday as an adjustment of the title to that value, ending 7,96 euros. The sale operation and its completion has been communicated to the market on Thursday, after the close of the grant.
The fix happened in a session globally negative in the equity markets – the main Portuguese index, the PSI20, ended losing 1,36% – to reflect the increased nervousness of investors in relation to the outcome of the presidential elections in the United States.
corticeira Amorim, which has gained greater visibility with the "promotion" PSI-20 in 2015, and with the sale of 5.5% of own shares in September of that year, it accumulates a gain of more than 70% in the last 12 months. Recently, the title has reached the highest value ever, getting to 9,90 euros.
José Mota Freitas, analyst at CaixaBI, considers that the operation is positive for corticeira "due to the rise in free float to 25% (from the current 15%), which contributes to the increase of the liquidity of the title, as well as for the improvement of their representativeness in the PSI-20 index".
To this analyst, the dispersion of additional shares resulting from the sale will prove beneficial to the title.
The cork announced last week that the net income of 55 million euros in the first nine months of 2016, an increase of 33% over the same period, and that is equal to the result of the entire fiscal year 2015.
Recently, the company, which is the world leader in the manufacturing of cork products, informed the market that one of the companies of the group, Amorim Flooring Investments, has entered into a definitive agreement to sell its 25% stake in US Floors, which was acquired in 2008.
The part of corticeira amorim, Américo Amorim has several personal business, from investments in financial area in Brazil and in Mozambique in control of the Company by way of Amorim Energia, where it is associated with Sonangol and Isabel dos Santos. On this front, Amorim Energia has recently announced the sale of 5% of the share capital of petroleum to institutional investors. the With Luísa Pinto