Банкеръ Weekly



Balkanpharma Holding did not surprise anyone by the modest price increase of tender offers for buying out the stocks of the other shareholders in the pharmaceutical manufacturers of Doupnitsa and Troyan. The holding, which is entirely owned by the Icelandic company Pharmaco, offers BGL5.38 apiece for the shares of its enterprise in Doupnitsa, and BGL4.38 for a share of the Troyan-based enterprise. Three weeks ago the majority shareholder offered BGL4.44 and BGL 4.38 apiece, respectively, but the State Commission on Securities (SCS) did not approved of these prices.
The new prices were formed after Blakanpharma's experts and their investment intermediary Zlaten Lev Brokers applied three new methods for setting them. The brokers, however, did not use the the SCS-required method of the assets' net worth. They used instead the ratio between the market price and the net worth of assets. Balkanpharma's financiers also used the methods of disconting the net worth of assets and discounting the future cash proceeds. Thus, the offered price is a result of calculations by five methods (the initially used methods were: the average weighed price and the ratio between the profit and the price of one share in Balkanpharma-Doupnitsa and Balkanpharma-Troyan on one hand, and the other pharmaceutical enterprises in Bulgaria, on the other hand).
The scheme according which small shareholders' will be able to sell their stocks in the two pharmaceutical plants has been refreshed too. Undee the new proposals, sent to the SCS, they should present a depositorty receipt or an excerpt from their subaccount with the investment intermediaru. This is an absolutely new and starnge practice regarding trade proposals, as the SCS does not acknowledge any other documents besides the personal identity card or passport for proving ownership of securities.

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