Tanemo as from the PPF Group published a public proposal to repurchase part of the shares of MONETA Money Bank, as In accordance with the obligation of Tanemo as, all relevant documents for those interested in selling their shares to MONETA Money Bank are placed on the website. , as at a price of CZK 80 / share. The proposal can be accepted as the current shareholder from 8 to 26 February 2021, with the possibility of extension by Tanemo until 5 March 2021.
Tanemo as published on its website a detailed Voluntary Public Proposal for the repurchase of part of the shares of MONETA Money Bank, as , accompanied by the Opinion of the Board of Directors of MONETA Money Bank, as The site then contains a set of forms for natural and legal persons in connection with the repurchase.
In the proposal, Tanemo as reiterates that up to a 10% share in the share capital or voting rights of Moneta will repurchase its shares without further conditions, a share above 10% is subject to the approval of the CNB. Acceptance and settlement of transfers is entrusted to PPF banka as in the role of Agent.
The person interested in the sale of shares will accept the public proposal by signing and delivering to the Agent the completed form, using the agent, the original or a certified copy of the power of attorney. The form and the power of attorney are published on the Tanemo website . Settlement will take place through the Central Depository.
In the event of exceeding the maximum volume for voluntary redemption, the proposals for the sale of shares will be satisfactorily satisfied, of which the interested parties will be informed by the Agent.
The securities trader Patria Finance will provide its clients with detailed information by email in this regard.
Tanemo reiterates, as the purpose of the voluntary public share repurchase proposal, the PPF Group’s interest in reaching an agreement with Moneta to acquire and combine business activities that anticipate the merger of Air Bank as and other PPF Group financial services companies in the Czech and Slovak Republics with Moneta. In this context, PPF has decided to address Moneta’s shareholders through a voluntary public share repurchase proposal so that PPF will acquire a significant stake in Moneta and be able to support the implementation of this plan from the position of a major shareholder of Moneta. At the same time, PPF allows Moneta’s shareholders, who do not agree with the possible implementation of this plan, to sell Moneta’s shares through a voluntary public proposal. However, a voluntary public proposal is in no way conditioned by the stated intention, nor by the consent of Moneta’s shareholders.
“We consider the voluntary offer to buy Moneta’s shares at the offered price of CZK 80 to be fair given the current market conditions and the bank’s profit prospects. and 1.5 times the book value of equity, corresponds to our estimate of the current intrinsic value of the bank ‘s shares, “comments Patria analyst Michal Křikava .
“However, given its growth potential and above-average profitability, Moneta has good prospects for further value growth over the medium term. And a potential 23% cumulative dividend yield in relation to the current market may be a good motive for remaining within the bank’s shareholder structure For our existing shareholders who want to continue to participate in the bank’s medium-term growth potential, the final structure of a possible transaction between Moneta and PPF will be essential, based on available public comments from both camps. the final terms of the transaction will be changed during the negotiation and will differ from the original proposal by PPF,which, in our eyes, favors a potential majority shareholder of the unified group at the expense of existing shareholders of Moneta, “the analyst continues.
“However, Moneta’s Board of Directors will probably disclose the results of the negotiations and the final terms of the potential transaction to its shareholders by the end of April 2021. If the potential transaction found broad support at Moneta’s shareholder structure and some of the minority shareholders would , in our opinion, will have the opportunity to leave Moneta ‘s shareholder structure as part of a mandatory share repurchase offer under at least the same conditions as the current voluntary offer, “concludes Michal Křikava.
Source: Petria-cz
