ComputerLand has reported that it purchased 100% stake in VBB (SPV with
the privileged shares of Emax) for PLN 115m share issuance. As a result
ComputerLand became a dominating entity to Emax, owning 35.7% of
equity/ 64.9% of votes.
Our view:
We believe the news should have a positive trading impact. Firstly, it brings
ComputerLand and Emax one step closer to the merger that we are positive
about. Secondly, it means that our forecasts assuming full method
consolidation of Emax by ComputerLand are fully correct, as the full method
consolidation should start from yesterday. At the same time, we believe that
ComputerLand will now have to make a tender for Emax up to 66% in votes
and we believe that only BBI is going to answer with its remaining shares.
We reiterate our Buy ratings for both Emax and ComputerLand.