The selling pressure on natural gas carrier Transgaz stocks will keep over the next days and the shares will return to a positive trend on the long-term due to the solid foundations and attractive dividends, Georgiana Androne, a brokerage house Tradeville analyst told.
„As soon as the brokerage consortium announced that the price in Transgaz secondary offer was set at 179 lei per share, therefore relatively close to the lower limit of the target range set by the authorities, the market quotation has begun correcting itself. In the second part of the trading session, Transgaz shares had marked a more than 3.50 percent drop from the opening price, a fact we interpret as a tendency to align with the offer price. Basically, the investors anticipate an additional drop by April 22, when the tendered stocks will join the stock exchange system and the issuer’s free-float will receive a significant block of shares at a lower price than the one currently prevailing in the market,’ the Tradeville official explained.
The secondary public offer for the sale of a 15 percent stake in Transgaz was conducted over April 4-16 and was over-underwritten.
By applying the algorithm described in the offer brochure, the tender price by share stands at 179 lei for the institutional investors and for the large underwriting and it amounts to 170.05 lei for low underwriting, i.e. for those investors who underwrote in the first three weekdays of the offer and 173.63 lei for those investors having underwritten starting the fourth weekday of the offer.