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SIFs 2009 agreement with Erste Group to postpone BCR listing revealed

SIF Moldova (SIF2) has published on its website the agreement signed in 2009 with Erste Group to delay the listing of BCR for a period of two years.

Thus, after the new deadline (October 2011), the listing of BCR is conditioned by Erste Group reaching an agreement with at least three SIFs for the initiation of the listing procedures or by Erste Group receiving from all five SIFs a notification to start the listing procedures. Before such listing procedures are initiated, an independent report will be commissioned to assess that the capital markets are functioning normally. The outcome of this report will not be a condition precedent for the listing. The 2009 accord also revealed that Erste Group could make offers to all BCR shareholders to buy them out of BCR and that the SIFs will offer to the Austrian bank the pre-emptive right for their stakes. Moreover, Erste Group's offers will be based on BRD-GSG's implying P/BV plus a 50% premium. The 2010 P/BV of BRD-GSG is 1.47x while its 2011e P/BV is 1.29x. These values would imply a BCR per share value of RON 19.7 (based on the old number of shares) and RON 18.5, respectively, resulting a total valuation of the bank of between RON 14.6 and 15.6 bn. Despite the fact that this accord suggests lower odds for the listing since SIFs should reach to a mutual platform, we viewed positively for SIFs shares. Besides, the 50% premium Erste was willing to pay the fact that they use as reference BRD-GSG's P/BV multiples implies an extra premium as BRD-GSG is generating a higher ROE.

Sursa: http://www.rciro.ro

Tags: listing bcr erste agreement group brd sif

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