The BME Suspends Trading Of Obsido’s Shares

3 May 2016 – Gestiona Tu Dinero

The Board of Directors of ‘Bolsas y Mercados Españoles’ (BME or the Spanish Stock Exchanges and Markets) has suspended trading of shares in the Socimi Obsido, after the company reported that it was unable to provide its audited annual accounts for 2015 to the Alternative Investment Market (Mercado Alternativo Bursátil or MAB) within the timeframe prescribed by law. The company’s shares have plummeted by 62% since its debut last year.

In a significant event notice, the company explained that the reason for the delay “comes as a result of internal difficulties, although the annual accounts and management report were unanimously approved by the Board of Directors at the general shareholders’ meeting, which was held on 25 March 2016”. Sources at the company insist that the accounts will be published “as soon as possible, and, at the very latest, within the next week”, according to the notice dated 30 April.

Obsido debuted on the MAB on 4 September 2015, in a year marked by a flood of IPOs by the Socimis. But it has followed a very different path to those taken by other firms in the sector, with its share price plummeting by 62%, from €19.40 at its debut to its current value of around €7.22.

Obsido was the first Spanish company with Norwegian shareholders to list on the Spanish stock exchange and the seventh Socimi to join the MAB family. At the time, its assets comprised two hotels in Costa del Sol: the Hotel Marbella Inn and the Diana Park apart hotel, the first is located in the centre of Marbella and the second in the town of Estepona.

The company was founded in 2014 with a share capital of €5,512,930, distributed between the Founding Partners, including the Spaniard Joaquín Hinojosa and the Norwegian Häkan Tollefsen, along with almost one hundred Norwegian investors who held the remaining 33.66% stake.

Sources at Obsido are committed to acquiring projects, tourist complexes and hotels in good locations and with potential to be done up. They acquire assets to refurbish them and fit them out. According to the explanation provided by the Socimi in its brochure when it joined the MAB, it wants to focus on establishments “where the current owners have financing problems” or “those whose structures may be improved, through a proper and considered injection of capital”.

Original story: Gestiona Tu Dinero (by Clara Alba)

Translation: Carmel Drake

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