Altri sold all Greenvolt capital increase subscription rights it had during the two days of the offer. The company decided not to follow the increase in energy capital, thereby reducing its positions, and sold its rights to shareholders. Demand exceeded supply by 1.43 times, according to data published in Securities Market Commission (CMVM).
“The public offer for the sale of 23,154,783 subscription rights to shares of Greenvolt – Energias Renováveis, SA, put forward by Altri and Caima and the acceptance period of which took place on June 21 and 22, was accepted in full by the respective recipients (Altri’s shareholders),” he stated. “Demand for the rights under this proposal exceeded the corresponding object by 1.43 times.”
Greenvolt’s capital increase takes place until July 4, at the same time as negotiations begin on subscription rights for new shares to be issued by the company led by Joao Manso Neto. Altri, the renewable energy company’s largest shareholder (with 19.08%), said outright that it would not accompany the operation, listing more than 23 million subscription rights for sale between Monday and Wednesday.
The paper company gave shareholders the opportunity to buy the rights at a price of 0.13 euros at a discount compared to the rights traded on the stock exchange. This Thursday the rights closed session in 0.1755 euros per piece. By closing the sale of all rights, Altri managed to gain about three million euros.
The capital increase to raise €100 million is for current Greenvolt shareholders at a price of €5.62 per share, but other investors will also be able to participate by purchasing subscription rights (if they buy the rights). A new share with an underwriting ratio of 0.14659, i.e. almost seven (6.822) shares currently owned, gives the right to purchase a new share at a price of 5.62 euros.
(News updated at 17:40)
