31/10/2014 – El Economista
Real estate firm Renta Corporación has returned to trading on the stock exchange market after a 19-month break. Success was undeniable as its shares appreciated 150% during one session and the company hopes to equal its profits and activity to the pre-recession levels.
From the initial price set at 0.57 Euros, Renta Corporación‘s shares skyrocketed by 154.3% to €1.45.
Debut at 29 Euros a Share
In 2006, when the real estate firm went public for the first time, its shares traded at €29 and reached a price of €40 just before the crisis.
The National Stock Exchange Market Commission (or the CNMV by its acronym in Spanish) ordered its suspension on March 19th 2013 so that ‘it could meet the payment obligations included in the covenant with creditors and its viability plan’.
Coming back to trading, Renta Corporación will increase its capital by 14% by issuing 6 million new shares. Once that accomplished, its stake will be held as follows: 40% in hands of its founders, Luis Hernandez (32%) and Blas Herrero (8%), 14% for banks and 7 % for other significant investors, while the remaining 39% share will be destined for the free float.
Specifically, if it comes to the banks, the bad one grabbed a 5% stake, ING 3%, Caixa Geral 2%, Banco Popular 3%, while Deutsche Bank sold its 2.76% share few days ago.
Original article: El Economista
Translation: AURA REE