Saturday, February 11, 2017

Investment fund and Virgo bought more than 5% of the Hi (Fix) – Jornal de Negócios – Portugal

The Hi has a new shareholder with a qualified participation. The investment fund and Virgo brazilian bought 11,42% of preferred shares of Oi, which gives you access to more than 5% of the share capital. Controlled by the Safra bank, has acquired more than 18 million of preferred shares of the company.

The operation was announced this Friday, February 10, in a statement sent to the CMVM.

The fund brazilian investment ensures that “is not intended to change the company’s control or administrative structure”. But it warns that “you want to do the valley of all their rights accionsta to protect the economic interests of its clients”. The fund points out that “you do not have a goal pre-established to your investment/participation in the company”.

The Pharol holds a stake of 27% in brazilian Oi. On the Lisbon stock exchange, the company led by Palha da Silva is on the rise 5,88% to 41,4 cents, continuing the trend of strong gains that logs since December.

The ex-PT SGPS has recently registered strong gains in the stock exchange of Lisbon to the ride of the news related to the judicial recovery of Oi.

The Pharol closed session Thursday to shoot 15,34% to 39,1 cents, which represents the best session from September 5, 2016, the day that ended the day to value 17,28%. The actions of the company have already doubled in value since December.

First it was the orascom telecom, which decided to extend the validity of the proposal previously presented to the judicial recovery of Oi, which includes a tender offer of up to us $ 1.25 billion.

Then there was the agreement achieved between the Hi and the Samba, which put an end to the “arm-of-iron” which lasted two years, and that reduces the obstacles to that Oi can sell assets that he inherited from the EN, including the participation it holds in the african Unitel.

in Addition to these developments, the Pharol revealed that negotiations with creditors are “evolving” and accepted the possibility of conversion of part of debt into shares.

Meanwhile Bloomberg has reported that the project of change of the General Law of Telecommunications will increase by about 3 billion reais (894 million euros) the value of Oi, according to the estimate presented by the financial advisor to the board of directors of the company.

(Fix: The fund Vigo bought 11% of shares prefericiais and not 11% of the share capital of Oi. The participation in the capital is about 5%)


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