The share price closed at HRK 1.58 per share, decreasing by 73% in two trading days.
Dalekovod’s share price dropped by as much as 33.3% yesterday, closing at HRK 1.58 per share. The current share price also represents a drop of 73% compared to Thursday’s share price, when DLKV closed at HRK 5.80 per share. DLKV was the most traded share on ZSE yesterday, with a turnover of HRK 1.25m.
As a reminder, after issuing an invitation for interested parties to participate in the financial restructuring of the company back in February, Dalekovod released the results of the invitation on Friday. According to the statement released on the ZSE, Dalekovod received only one offer and that in the form of a joint deal by Končar and Construction Line. The offer includes a cap hike ranging between HRK 150m and 410m by subscribing shares in three rounds, by cash payments, and/or contributions by entering rights (claims).
As part of the deal, Dalekovod would first reduce their share capital from HRK 247.2m to HRK 2.5m in order to cover losses from previous periods. At this point the company would also perform a reverse stock split by consolidating every 100 shares into 1. Since the issuance of new shares will follow the stock split and since new shares will be issued at the nominal value of HRK 10 per share, the value of the cap hike basically amounts to HRK 0.10 per share at the moment. This of course did not resonate well with current investors, as visible from the share price drop.
Transport Trade Services [ticker: TTS RO] starts bookbuilding and covers first tranche worth USD 22m.
Transport Trade Services will soon be the new addition to the Bucharest Stock Exchange. To be specific, according to Romanian media, all 2.25m shares of Transport Trade Services (TTS) for retail investors have already been subscribed.
The “first-served” allocation tranche, to which 1.5m shares (10% of the total shares put up for sale) were allocated was completely subscribed in the first ten seconds at the price of RON 21.
In the case of the other retail tranche, where the allocation will be “pro-rata”, at 13:00, i.e. three hours after the start of the offer, 788 subscription orders were recorded, which totalled 1.58m shares, more than double the 0.75m shares (5% of the total) for this tranche.
As part of the operation, Transport Trade Services wants to sell up to 50% of the company’s shares, i.e. 15m shares, with the institutions allocated 12.75m shares, between RON 19 and RON 21.
The offer will run between 24 May and 4 June, and in order to be successfully completed at least 60% of the shares offered must be sold.
Transport Trade Services is the largest freight carrier on the Danube in Romania. In 2020 the consolidated revenues of the company amounted to RON 520.28m (-5.7% YoY), while operating results stood at RON 62.25m.