The “secret” of the trade in Attica Bank, the scenarios with Stassis and Chamaz, the Retsu bell, the hammers are hitting the market, interest rates are “weighing” – Economic Postman –

The issue of correct information about her capital increase of Attica Bank it remains and as I learn… it has put the authorities on “war alert”.

It is no accident that the controls are “suffocating”. I say this politely, because at the counters’ desks the hands… are shaking.

In fact, some stock exchanges “cut off” the mandate on the platforms, in order not to enter the checklist for a few pieces.

Because, as my source told me, there were not a few codes that after the reverse split, 100 old to 1 new, were left with… “retaliations”, as he characteristically told me. And some of them are on the market.

That is, for sale at prices… without logic most of the time.

Let me clarify…

Let’s take a look to see in simple terms how this Attica Bank AMK works.

Initially in the case of the Right, for someone who does not already have a position at Attica Bank.

One Right is currently at 200 euros, which corresponds to 677 shares for 1.87 euros.

This means that in order to participate in the increase, you will have to allocate 1,266 euros for each Right.

However, in the average acquisition price one should also include the money paid for the purchase of the Right, in this case 248 euros, therefore: 1,266 + 200 = 1,466 euros.

In other words, he will receive 677 shares with a total value of 1,466 euros, i.e. 2.16 euros/share.

Here it is worth noting that the participation world for those who already had shares before the reverse split is similar, including the cost of buying the Right. Oper means 1.87 euros per share plus the cost he had to buy his old shares.

From now on…

For each share that will be issued there is a corresponding warrant.

With each warrant one can get 3.5 shares for 0.05 euros/share.

Therefore, in total, one can have 677 shares from the Right and from the first leg of the AMK, for 1,266 euros and in the second leg of the increase the 677 shares give him an equal number of warrants.

And each warrant gives him 3.5 shares for 0.05 euros. So he will get 2,369.5 shares.

Thus, in total, he will acquire 3,048 new shares.

So he will put in a total of 1,385 euros to get 3,048 shares, with an average purchase price of 0.45 euros.

Where will the “ball” sit

The “secret” of Attica Bank’s trade, however, lies elsewhere… in the number of shares that will be fully allocated upon completion of the increase.

This will reach 1,618,142,764 shares, up from 530,644 today.

If one assumes that the price of the increase is formed, according to the above calculation, to 0.45 euros, then we are talking about a valuation of 728.1 million euros!

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30,000 homes under the hammer and counting

The fact that they are no longer high on the publicity agenda does not mean that they are not happening.

The reason for them home auctionswhich continue unabated.

A total of 30,000 went under the hammer this year according to real estate market players.

Although the “big hammers”, such as the properties of Dimitris Kontominas (Demco) and Andreas Vgenopoulos (Ekali, Mykonos) were forced to adjust the prices of the auctioned properties downwards. There was no interest or… the prices were stung.

We will see in the next few days when the new procedures will be done anyway.

Negotiations are ongoing

However, the servicers of red loans linked to real estate continue negotiations for the settlement of debts.

I remind you that according to data from the Ministry of National Economy, both new applications and debt settlements through the out-of-court debt settlement mechanism recorded a significant increase in September compared to the same month in 2023.

More specifically, the new requests of debtors in the extrajudicial mechanism amounted to 5,522 and a total of 1,504 new arrangements were made for debts of more than 383 million euros.

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Suffocation in Plutarchou

All the “good” people finally went to the opening of the Wellness Center of Mrs. Popis Kalaitzis. I am of course talking about the wife of Minister Kostis Hatzidakis, who was honored by several Ministers and government officials, even when the new business model was being presented by Minister Theodorikakos.

Obviously, even after the presentation, everyone passed by Plutarchou, while I also saw persons such as Mr. Gerardos (Plaisio), Floros (former of GEETHA), Fessas (Quest), or who had years to appear, such as Dimitris Kallitsantsis.

The scenarios flared up

What impressed me, however, was the “well” Kostis Hatzidakis, Giorgos Stassis (PPC) and Michalis Chamaz (former CEO of OTE group).

The “triad” even isolated itself in a corner…

And as you can understand… many put in their minds the telecommunications plans of PPC and how they will be “run” by experienced (?) hands.

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What about interest rates?

But apart from the mundane discussions, he also gets my ear some serious concerns from the business front.

That is, while interest rates have been decreasing since June from the ECBthere has been a steady increase in business loan spreads.

In other words, we have started to diverge in the cost of borrowing for businesses, in relation to Europe and after some time when there was a stabilization.

Obviously, this is not the main cause of the inhibition of investments, mainly in fixed assets, which has been observed recently in the economy, but it is a serious reason for the burden.

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The official first

Yesterday, Mr new president of IOBEYannis Retsos, made his official first appearance in the new position during the presentation of the Foundation’s quarterly report.

And in fact it was the official “first” with the General Director of the Foundation, Nikos Vetta.

The general picture was that the two men were comfortable with each other.

So much so that as soon as they sat down at the interview table, Mr. Retsos turned to Mr. Vetta, saying with a smile: “I see that there is a gap between us (s.s. pointing to the physical distance that separated them), I hope it is not abyss”.

The second remained silent without comment and started the interview process, introducing the new president, about whom he spoke with warm words.

I remind you that Nikos Vettas is an academic and a deep connoisseur of macroeconomics, while Yiannis Retsos is an entrepreneur in the field of tourism and – for many years – president of SETE. It remains to be seen how this new duo will fit together.

And the bell for the government…

I have pointed out to you for a long time the explosive situation that prevails in the construction industry, due to the pending decision of the Council of State on the new financial regulation, you will read it in detail in the latest report of “OT”.

And I believe that the government will soon be forced to find a solution to the impasse so that we don’t have worse situations in the economy in general.

The longer he delays it, the more the problems will grow.

Something that the new head of IOBE did not leave unaddressed.

He even warned how bad it is for the business climate that a law, 12 years after its passage, is about to be ruled unconstitutional.

It is a sign of the dysfunction of the rule of law, he said.

And second bell…

Of course, Mr. Retsos did not stay only on the issue of construction.

But it also rang the bell in the tourism sector.

“There is no strategic plan for tourism,” he said.

“He is largely moving into the unknown… only during the pandemic was there a plan”…

And we are talking about the country that “produces” tourism. This is what I say… and all professionals in the industry of course.