Nine October: 3,7 euros. Twelve October: 0.59 euros. Yesterday: 1.82 euros. Today: 1.35 euros. Let the numbers? If we talk 'capital increase to pay in progress until 30 October (negotiation rights until 23 October) is really necessary to do so.

So let's start from the closing share price on 9 October, last day before 'start capital increase. It was 3.7325 euro, but less than a month before - ante grouping at a rate of 1 new share for every 10 held, which took place September 14 - the price would be, at least theoretically, of 0.37325 euros per share.


E-post capital increase? Et voila: the price of 3.7325 euros in the 9 / 10 goes back, according to calculations made by (hence value "official") to a new theoretical price post-capital increase equal to 0.2142 euros. Easy for the shareholder to feel out of place in front of such a sudden change in prices (-25% to 1.35 euros today in Milan Stock Exchange in the afternoon). Of course the difference between the price increase in pre-and post increase is not "disappeared", but is relative to the value of stock options for subscription of new shares there being 643 new well every 22 shares held, at a price of 0.1 euros per new share subscribed.

In practice, almost 30 new shares for each old owned and, consequently, the share capital that was previously made up of 61,645,548 shares with no par value leap at the end 'operation and in case of full subscription of new shares Ben 1,861,485,493 shares in all. To promote adhesion of those moreover, the new shares were offered at 0.1 euros, a "discount" of over 50% compared to listing "theoretical" post capital increase.

Mind-boggling numbers, but what matters is that in such operations, which generate a large number of new stock options, the volatility of the prices of shares and rights post-launch 'capital increase is necessarily very high. Moreover these rights are almost entirely head to the "market indistinct," as the reference shareholder, Renato Soru, first 'capital increase accounted for only 20.09% stake in and, since its membership 'operation will be through the compensation of a claim against Andalas Limited.

This company always headed to Renato Soru that on 20/6/2004, granted Finance SA, a company group, funding of 27.5 million, and, taking into account interest accrued in the meantime, Soru to participate 'capital increase for a maximum of 30.8 million, which however will lead to further reduction of its shareholding from 20.09% to 17.7 percent.

All the rest, or almost floating. At this point the 'roller coaster "daily highlighted by the actions and rights seems almost" natural ", and the rest of the volatility of these prices is further amplified by the ban imposed by to sell short the securities belonging to companies that are ongoing capital increases. Selling short (without owning the securities) is speculating and that is why the has issued the ban, but unfortunately a lack of "arbitrageurs" makes more difficult the 'alignment' of prices of shares and rights compared to those values which should be their "theoretical". And the rollercoaster continues ... (Analysis Financial Markets)

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