SAB Finance can probably be evaluated as the least standard company on the Prague Stock Exchange in recent years. It can be mentioned, either from the point of view of the unusual primary or later secondary offer, the payment of the first dividend from other sources, or the “dead” price of the shares themselves companies, which often did not even respond to the payment of the dividend (decisive date for the claim). Now another unusual record can be attributed to them – a turnover of more than 6.2% of the shares companies.
In recent years, it is difficult to find an issue in which more percentage of the share package would be moved directly on the market in an automated system. Historically, the Prague Stock Exchange has been dominated by the transfer of 3% of O2 shares from PPF to Belviport Trading in February 2017. At that time, almost 9.3 million O2 shares for more than CZK 2.4 billion were bought on the Prague Stock Exchange in the normal automated system by none other than financier Pavel Tykač. A few years later he “returned” him back to the PPF group…
It is not officially clear who now traded more than 6.2% of SAB Finance shares. In any case, SAB Finance shares outside the PX index, which often do not even experience trading, on Thursday 13.7. on the contrary, they presented their historic transaction for 171 million CZK. After noon, an obviously agreed transfer of more than 161,000 took place directly in continuous trading with the title. shares of SAB Finance at a price of CZK 1,060. So actually for the traditional, historically repeatedly highest price for the title.
As is known, the company is still controlled by the financier Radomír Lapčík, who, however, is continuously reducing his share. The last time, less than a month ago, the regulatory report revealed a drop from 75.61% to 72.18%. The new report has not yet been published. Business otherwise it should only have three qualified minority shareholders. The only one that exceeded at least the 3% threshold is actually the related fund TBGF SICAV. Well, at least in terms of its headquarters at the same address as SAB Finance. More than 3% share, or Jolana Červenková should also have 3.43%. However, its regulatory report at the end of March this year indicated the divestment of the stake. At the same time, Červenková did not report the acquisition of a qualified share to the regulator in the past, which can apparently be considered an offense against the law. In any case, her share went back into the hands of R. Lapčík.
Read also: Secondary offering of SAB Finance shares ended, Lapčík earned almost half a billion crowns
The qualified shareholder should now still be Vladimír Pauly and actually connected TRINITY BANK. The bank in which SAB Finance wants to further increase its roughly one-tenth share. The general meeting was actually supposed to decide on the transaction at the end of June. Although more than 2 weeks have passed, SAB Finance has not yet released its findings.
In any case by the company the painted bright tomorrows of farming are gone, at least for this year. That is, if dividend income from TRINITY BANK is not included, with which new bright tomorrows are drawn after the increase in the share. Without them, the group should report a net profit of CZK 162.4 million this year, compared to last year’s almost CZK 217 million. So a quarter drop. The economic results published so far showed a profit of CZK 50.6 million for the 1st quarter, while in the comparable period a year ago it amounted to CZK 65.3 million. In addition, the profits will most likely be divided between several shares, when there should be a relatively significant dilution of the issue.
An increase in the basic capital by almost a fifth, or Lapčík’s desire for TRINITY BANK does not stop
On Wednesday, June 28, a general meeting was held, which was actually supposed to decide on two important transactions. As already mentioned, the company still has not issued the output from the general meeting. However, investors can at least z Commercial register find out that the proposal to increase the share capital has been approved. In short, the company intends to offer up to 471,699 new SAB Finance shares for subscription. The issue price is to be determined by the board of directors and, surprise, the price is expected to be CZK 1,060. Probably a magic course at the company. In case of success, this would be an inflow of CZK 500 million into the company, the capital would increase by more than 18%.
The funds obtained are actually to be used to increase the stake in TRINITY BANK. But in a relatively abrupt way through the subsidiary company SAB Financial Investment. According to the invitation, the general meeting was supposed to further approve, in fact, purely according to the law, “a significant transaction with a related by the company“. According to her, SAB Finance is to acquire unspecified newly issued shares of the subsidiary SAB Financial Investments. As a result, she is to acquire an unspecified amount of TRINITY BANK shares.
In addition, it is possible to mention that the subscription of new shares of the mentioned TRINITY BANK, which intends to issue shares for up to CZK 500 million, started at the beginning of July.
It may be mentioned that after the transformation of the originally savings cooperative Moravský penežní ústav into TRINITY BANK, a large number of members, and thus the bank’s new shareholders, do not agree with Lapčík’s actions. While previously they had a representative in the supervisory board by law in Kampelička, they did not manage to enforce him in the bank. They can be “heard” publicly, for example, at novatrinity.cz. It can be recalled that Radomír Lapčík is the chairman of the supervisory board in TRINITY BANK, just as in the case of SAB Finance.
Jiří Zendulka
Jiří Zendulka has been involved in finance since the days of coupon privatization, so for 30 years. He worked in various positions at stockbrokers, in order to establish himself as an analyst. He has been presenting his views in the media for a long time. A follower of the traditional values of capitalism, or on the contrary, a critic of most non-standard interventions in economies by governments and central banks.
2023-07-15 13:49:29
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