On Thursday, the first day of trading of subscription rights the capital increase, the shares of BCP sank. On the second day fired. Analysts had warned that this period of trading at the same time of the two titles would be marked by volatility and that is precisely what is happening.
are the rights that are sending in the direction of the actions. Yesterday, the securities started the day well below the theoretical price, which led the shares to close with a fall of more than 10%. Today the rights soared nearly 30%, which resulted in a strong recovery of the securities.
The rights closed the session gaining 28,12% to 82 cents. The actions followed with a gain as well more modest, but still sharp: valued 10,37% to 15.75 cents.
liquidity was also stronger in the rights, which have moved 38.2 million of securities. Were traded 34 million shares.
Despite the rise of rights have been much stronger, these titles are still “cheap” compared to the actions, in a situation of imbalance which has been found always in the two trading days on the stock exchange.
The closing price of the shares (to 15.75 cents), corresponding to a theoretical value of the rights 95,25 cents. Already the quotation of the rights (82 cents cents), corresponding to a theoretical value of the shares of 14,87 cents.
The shares are 6% more expensive than the price that results from the market value of the rights, a factor which may put additional pressure on the securities.
to contribute to the recovery of the shares and rights will be two factors. The CMVM has banned the short selling of the shares in the session on Friday, reacting to the fact that yesterday the shares have retreated more than 10%.
on the other hand, Fosun will have to buy subscription rights on the stock exchange to be able to elevate the position of BCP from 16.7% to 30% in this capital increase.
The rights will trade on the stock exchange until 30 January, while the exercise period ends on the 2nd of February. Each right allows for the purchase of 15 shares, upon payment of 9.4 cents for each one. Here you can track the price of the rights. And here of the shares.