Cobas AM: Nueva Gestora de Francisco García Paramés

No sé que decirte, lo estoy mirando en el bróker y hay mucha demanda, incluso supera ampliamente la oferta. No me extrañaría que en algún rebote se vaya a 9CHF.

Si, es asi, aunque hay que ver las condiciones de la ampliacion (relacion derechos/accion, etc). Durante ella, los derechos y la accion cotizaran, y segun se muevan saldra mas a cuenta vender los derechos o acudir a la ampliacion...

CAPITAL INCREASE
ARYZTA has undertaken a detailed review of its capital structure with the assistance of
BofA Merrill Lynch, UBS and Rothschild & Co. In order to create the necessary strategic
and financial flexibility to implement its strategy and sustainably strengthen its capital
base, the Board of Directors of ARYZTA plans to engage with its shareholders to raise up
to €800 million of capital, primarily through a rights issue with pre-emptive rights for existing
shareholders. The proceeds from the capital increase are targeted mainly for debt
reduction. BofA Merrill Lynch and UBS have been appointed as Process Banks and Joint
Global Coordinators; Credit Suisse and JP Morgan have also been appointed as Joint
Global Coordinators to arrange the capital increase.
CURRENT PERFORMANCE
ARYZTA confirms that trading in the fourth quarter of FY2018 was in line with expectations
and expects a FY2018 EBITDA of between €296 and €304 million, in accordance
with the guidance provided on 24 May 2018. Furthermore, ARYZTA confirms that it was
in compliance with its covenants in FY2018.
DELEVERAGING PLAN
ARYZTA remains committed to the €1bn deleveraging target over four years (prior to the
announced capital raise), including at least €450 million of disposal proceeds and the
balance from cash flow generation as communicated on 25 January 2018. ARYZTA has
already made solid progress with several non-core asset disposals and remains committed
to the disposal of its stake in Picard for which the process remains ongoing. Picard
continues to deliver a strong performance and through the refinancing carried out since
December 2017 has delivered €91m of dividends to ARYZTA, supporting our FY 2018
EBITDA.
PROJECT RENEW
The operational improvement of the business plan is underpinned by Project Renew,
a comprehensive set of initiatives targeting annual run rate cost savings of c.€90m by
FY2021, enabling a three-year cost reduction of c.€200m for FY2019 to FY2021, including:
operating model cost reductions; procurement and supply chain initiatives; and
automation initiatives. Associated with realising the cost savings, ARYZTA expects nonrecurring
expenses of approximately €150m over the next 3 years.
NEXT STEPS
Further details on the terms and conditions of the capital increase and loan amendments
will be communicated in conjunction with the FY2018 results on 1 October 2018. The
rights issue is targeted to be executed in the fourth quarter of 2018, subject to approval
by the shareholders of ARYZTA.

En la AK the Dan un derecho por acción que poseas. Las nuevas acciones se podrán obtener a un precio reducido pongamos 5 (a cambio de x derechos).
Si no tienes acciones previamente podrás comprar derechos a mercado (los derechos cotizan varios días) o bien simplemente comprar acciones como siempre. Por norma general, el mercado iguala la cotización de los derechos y las acciones de forma que sale igual comprar de una forma u otra.
Pero hay veces que los derechos se disparan porque las acciones también lo hacen. Dependerá del interés que haya por entrar en la empresa si de repente se vuelve interesante

Conference call
A conference call will take place today at 08:30 CET.

A ver si alguien tiene acceso y lo comparte.

El valor de las acciones es el que te da el mercado, por lo tanto si compraste a 9e y cotizan a 9e tienes el mismo dinero. La diferencia es que tienes la mitad (aprox) del % de la empresa. En estos momentos ya( no hace falta que saquen las nuevas acciones porque el mercado ya lo sabe la cantidad de la ampliacion) si cierra plana cotiza el doble de cara que a cierre de viernes(el FCF se reparte en 2x acciones en vez de X acciones).
Si no baja a 4 cm expones es porque la ampliacion tiene un efecto financiero positivo en la empresa

Ahora hay 90 millones de acciones a 9CHF que son 800M CHF.

Al tratar de levantar 800M CHF según la nota, significa que habrá el doble de acciones (180M de acciones) cotizando a 4,5 CHF para tener la capitalización de 800M CHF.

¿es así?

Ahora mismo la capitalización de mercado son 741,926M. Si la AK van a ser 800 M, ¿eso supne doblar el nº de acciones de 90 a 180 millones?