Sodim received 81.326% of the share capital and 82.752% of the voting rights in Semapa following an OPA announced for a share capital it did not hold in the company. The holding company of the Queiroz Pereira family, which had already dropped the Semapa 90% limit last week to make the offer successful, even sees a failure in its goal and an opportunity to advance after exiting the stock market. The company remains at PSI-20.
According to the results of the offer published by Euronext this Monday, Sodim acquired 7.878% of the capital, which is equivalent to 8.017% of the voting shares. In addition to the shares acquired from OPA, the Queiroz Pereira family has also strengthened its position through market purchases. In total, he acquired 1.541% of the capital, equivalent to 1.541%, which allowed Sodim to retain 81.326% of the shares, representing 82.752% of the voting rights.
On the date of the announcement of the launch of the offer on February 18, Sodim controlled 71.906% of the capital, directly or indirectly, which corresponds to 73.167% of the voting shares. However, Semapa is far from targeting 90% of the vote to exit the stock exchange, leaving the company listed on the main Portuguese stock exchange index.
The Semapa takeover bid took place between April 27 and June 4, after the transaction period was extended so that investors could know the quarterly results of the listed company and Navigator, a company controlled by Semapa. Sodim offered € 11.66 for each Semapa share after discounting a dividend of 51.2 cents per share, but investors found the reward low.
Bestinver, a historic investor in Semapa, criticized the bid price from the outset (which had been raised from € 11.40 to € 12.17) and confirmed in mid-May that it would not accept the takeover bid by the Queiroz Pereira family. Cobas AM has already provided this same indication in a letter addressed to investors. Two Spanish managers control over 5% of Semapa’s capital.
The Small Investors Association, through the voice of Maxyield, defended on several occasions that the price was low and that it did not value the company’s business, advising investors not to agree to the OPA sale.
Last week, Sodim already dropped the 90% voting limit to make the proposal successful, indicating at the time that it already controls over 80% of the company. “Given the acceptance levels verified so far, Sodim understands that from now on to notify that it will waive the date of calculation of the results of the offer and, in accordance with the provisions of the documents of the same, the conditions for the Success of the Offer, resulting in all orders to sell shares transmitted Shareholders to their financial intermediaries under the Proposal will be accepted and implemented, ”Semap said in a statement sent to CMVM.
“Until today, June 1, 2021, the Offer acceptance period, orders for this Offer acceptance have been transferred for a total of 6,230,426 shares, which corresponds to approximately 7.67% of Semapa’s capital and 7.80% of the votes cast by a person.” – the document says. The family will therefore hold “at least 80.67% of the share capital, which corresponds to 82.09% of Semapa’s voting shares,” after the offer is completed, the company said on June 1.
However, since the beginning of the month, Sodim has returned to the market to strengthen its position. In the period from June 1 to 4, the “holding” of the Queiroz Pereira family acquired 0.447% of the capital of Semapa.
