Yesterday there was a block trade with 5.2m of Zentiva’s shares, representing a 13.6% stake in the company, at CZK1,040/share, which represents a 7% discount to the previous day. The transaction suggests a further reduction in Warburg Pincus’s stake in the company. Warburg Pincus and Zentiva’s management were under a 4-month lock-up period following an 8% stake placement at the beginning of May. The inclusion of further lock-up period for the new placement will be crucial for Zentiva’s share price going forward, otherwise a further placement would represent a risk.
Pre-transaction Post-transaction
Shareholders No. of shares (m) Ownership % No. of shares (m) Ownership %
Warburg Pincus 18.16 7.60% 2.96 34.0%
Management 4.66 12.20% 4.66 12.2%
Other private investors 0.84 2.20% 0.84 2.2%
Free float 14.48 38.00% 19.68 51.6%
total 38.14 100.00% 38.14 100.00%