It was a forceps birth: on 16. December will be traded the shares of the energy group Alpiq for the last Time. You will then be delisted. A corresponding application was approved by the stock exchange operator Six, as Alpiq announced today, Wednesday. Thus, the major shareholders of the energy giant have reached your destination.
Because, actually, wanted to take Alpiq its shares more quickly from the stock exchange. In April, Alpiq announced that with the CSA energy-infrastructure Switzerland, an Investment vehicle of Credit Suisse, a major new shareholder is joined. This after Alpiq announced that the former French major shareholder, EDF sold its 25 percent stake in the company. The goal of the CSA was that Alpiq is on the stock exchange. What followed was a public takeover offer to about 70 Swiss francs per share.
criticism of the price
This offer was, however, in a difficult position. Although the large shareholders were also behind the Deal, he was heavily criticized. Investor Martin Ebner, for example, spoke of the offered 70 francs per share, would be much too deep. At shareholders meetings, and the waves were also high. “Now, where Alpiq is consolidated and we have contributed to the downturn in the stock market, to us the stock is going to be taken away,” said one small shareholder at a shareholders ‘ meeting.
He spoke to the fact that Alpiq assumes that you will earn in future more money with the sale of electricity. Since Alpiq has secured over the years, the electricity prices in advance against price and currency fluctuations. The bottom of this hedging was achieved this year, 2020, the hedged price will rise again in 2021 and also 2022.
In the last time the price of the Alpiq share rose to around 74 Swiss francs. But were only traded in very little paperwork at all.
embarrassing counting error
However, despite the criticism, crossed the major shareholders of the delisting plans. Originally the aim was that of securing more than 90 per cent of the shares, the remaining shareholders paid out by means of a so-called squeeze-out merger. That would have allowed the small shareholders from the paper press. However, the attempt failed. Although Alpiq announced that all of a sudden, that large shareholders hold more than 90 per cent of the shares. However, only a little later, the group had to turn it off. When counting an error happened, the buying stopped in a little over 89 percent.
And now the major shareholders are still on target. The shares may be traded after the departure of the exchange to the shareholders, in so-called OTC markets. Alpiq however, according to the message that the “volume of trade on such a platform would be very low”. That is why you have “no intention of such OTC trade up”.
Currently, it is unclear whether Alpiq is pulled into a lawsuit. Because with Knight Vinke, an activist Investor joined Alpiq. The portfolio company was also once at UBS in Trouble. Knight Vinke expressed criticism of the acquisition price of 70 Swiss francs per share. If he complains now, as in the entry is suspected, against the plans around Alpiq, is unclear. Various requests of the objectives was Knight Vinke remains to be answered.
Created: 27.11.2019, 07:48 PM