According to a statement published by (37,5 CZK, -2,34%) Property Group, the shareholders structure has changed after the conversion of the bonds into equity. As such, Kingstown Capital Management LP, acting as a manager for a series of funds holds 12.7% of the shares of , Alchemy Special Opportunities LLP holds 10.7% of the voting rights and (12,05 CHF, 1,86%) AG holds 6.91% of the voting rights. On the other hand, the percentage holding of the previous shareholders has decreased due to the dilutive effect, with (17,25 USD, 3,85%), Maple Leaf Macro Volatility Master Fund, August Finance Fund SPC and Brennus Fund Limited all decreasing their holding below 5%.
The conversion of the bonds into equity could have been the reason for the decline in the price of the company in the past week. Some of the new shareholders might be bond funds which are not allowed to hold shares and would be forced to sell them in the market. We view the news as neutral.