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Erste Bank: capital increase completed at a 0.7% discount to adjusted market price

26.1.2006 9:19
Autor: Tomáš Gatěk, Patria Finance

In a press release, Erste Bank has announced the completion of its capital increase of 58.95m new shares (a placement of 64.85m shares, assuming a full exercise of the over-allotment option by underwriters), increasing the banks share capital by 24.2% (excluding the over-allotment option). The price of the issue was set at a price of EUR 45 per share, a discount of just 0.7% to yesterday's closing price, excluding the proposed dividend for 2005 of EUR 0.55 per share. As the new shares are not entitled to the 2005 dividend, they will trade with a different ISIN on the stock exchange until the ex-dividend date. Excluding the shares subscribed for in the rights issue, as well as the over-allotment option, the capital increase was 1.7x oversubscribed. The new shares are expected to begin trading on January 27 and the settlement will take place on 1 February.

Regarding the subscription of large shareholders, Die Erste Osterreichische Spar-Casse Privatstiftung allowed its stake in the bank to drop from 32.2% to 30.5% (assuming full exercise of the over-allotment option), though it subscribed to 15.6m shares in the transaction, whilst members of the savings bank group subscribed to almost all of their rights, maintaining a nearly unchanged combined stake of some 7%. The Austria Verein which previously had a stake of 6%, has exercised sufficient rights in order to remain at a shareholding of above 5%. Following the offering, the free float of Erste Bank shares has increased to 64.5% (including the members of the savings bank group).

The results of the capital increase of Erste Bank were in line with expectations so we would not expect any substantial market impact. Whilst a large supply overhang has been removed, we feel demand for the shares will also have been exhausted for some time.


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