End of the increase in capital of the Santander

www.minus19.com

28-11-2008 | Javier Gomez

Yesterday it was the day. 27 it was marked in all the stock-exchange almanacs like the day in which it was finishing the increase in capital of the Santander. A financial operation that has brought tail on the markets, both for the surprise that supposed his announcement and that raised certain suspicions in the first moment, and for the evolution that has had the quotation of the actions since he promised to be up to yesterday.

Far there stay the days in which the actions bequeathed to fall down up to 4,9 € and the rights to 0,10 €, and that that has spent not even one week. But the human beings we have the faculty to forget rapidly the bad moments. Emilio Botín had to give a press conference to calm to the markets, first adducing that there were no problems with the solvency of the Entity, and secondly giving good news about the subscription to this enlargement. And from this day, as if they all were waiting for a slap in the fortitudes back, his quotation began to rise non-stop. It is possible that there were no his words, but simply the mercao realized the absurd of the situation of the actions of our principal bank quoting at this so ridiculous price, or that there was to the return of the corner the ending of the term of the enlargement, and it was of hoping that in nearby dates they should to recover his value … but the case is that a few days, after marking those minimums, the actions of the Santander have happened to quote from th 4,9 to do it today to 6,4 €. An increase of 30,6 %, which is not but that not badly at all. And that without telling that the rights have spent in 5 days of 0,10 € to cost 0,49 €. Namely to multiply by five his value.

The increase in capital of the Santander, according to information that have gone forward although they are not still confirmed, it has been a big success. Apparently more than 90 % has subscribed and the fact is that the opportunity to do with qualifications of the Santander to 4,5 € more 4 rights to him was looking like a too tantalizing offer as to push it back.

Which has the result of this enlargement been?

For the ancient shareholders, each one is done with qualifications of the Santander by 4,5 €, and the delivery of 4 rights that the Bank had deposited in his accounts and that it went out for them free (and there did not bear in mind the dilution that he supposes that now there are more actions circulating on the market). The question is that these ancient shareholders have gained to date of today 30 % for these new actions that they have acquired. Although care because they will not begin quoting until December 4.

For the new shareholders who yesterday were bringing in in the capital of the Bank route rights, he supposes acquiring qualifications to 6,46 € (4,5 and + 4 rights x 0,49). Nevertheless, for that they have acquired subscriptions in previous dates, the real cost of the operation 4 will suppose having paid 4,5 € to them + x the price paid for every right.

Nevertheless, it is necessary to say that since the announcement of the enlargement took place, up to today, the actions have fallen down on 23 %.

Since we have come saying in previous articles, the operation, in the long term, seems very profitable to us because the current quotation keeps on seeming to us like a very good opportunity to enter a solid bank (it is not necessary to forget that it does not even 5 months they were quoting to 14 €) and it is possible that we have a few months complicated ahead, but Santander is of these values that they allow you to live calmly through these crises.

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