Bivideon, Cra's majority owner, has called for an EGM in order to approve an eventual buy-out and de-listing of Cra's shares. Bivideon is reportedly proposing three conditions regarding the new buy-out; i.e. (i) Cra may buy back a maximum of 10% of the total outstanding shares, (ii) Cra will not hold these shares for more than 1.5 years and (iii) the maximum buy-out price would be CZK 440 per share. Bivideon is also proposing to change the form of the shares from book to bearer. Note that Bivideon has reported that its holding in the company exceeded 94% after the end of the buy-out offer (9 September). The Prague Stock Exchange (PSE) decided to exclude Cra from the SPAD system as of 23 September given the significant drop in trading volume after the minorities buy-out and that the number of market makers willing to quote the stock subsequently fell below the required level of 3.
Tomáš Gatěk, Patria Finance