SNSN schreef op 17 oktober 2014 16:32:
Because of short-covering, resulting in a squeeze, and a big difference (up to 25 times) in prices for “old” and “new” shares, actually all “old shares” were sold within the first part of Oct. 9 when ~480 M were exchanged. It had absolutely no reason to keep “old shares”, as those who had “old shares” on Oct 9 had also rights to buy “new shares” for 0.01. So, for each 1 “old share” sold on Oct 9 at ~0.10-0.25 one could get ~10-25 “new shares” (actually "for free")
So, the structure of shareholders was almost fully changed on Oct. 9.
Roughly, the future developments could follow 3 basic scenarios resulting in almost the same Imtech financials:
1. Old shareholders (and those bought “rights”) would subscribe for > 95% and the rest would be distributed via rump offering. Then Imtech would get a new, but almost the same, shareholders structure, although essentially reducing its debts, while the banks (debts holders) would receive (some of their) money back.
2. The only a small number of “new shares” would be subscribed. Then, roughly speaking, the underwriters (banks) would become “new shareholders”, actually converting the “old debts” into “new shares”, and Imtech would essentially reduce its debts anyway (just losing independence). That is “old debts” would become just “convertible”.
3. A combination of the first two scenarios.
Thus, if roughly, the result of current rights issue for the Imtech financials would be almost the same....
As for “Orbis”, it's trivial - like almost ALL “old shareholders” Orbis had to sell (and certainly sold) its “old shares” because it had rights to buy (later) “new shares” much much cheaper .... Moreover, a number of “old shareholders” are usually short on “old shares“ (of course, those who could do so)... closing their positions later (by “new shares” received through the rights) at much lower level. That's a known "dominant trading strategy"....