The last negotiation session for the rights to subscribe to the capital increase of EDP-Energias de Portugal was a final race for those who wanted to have more or some access to the opportunity to take advantage of the discount in the operation, leading to a 12,65% increase in the price of each right to 0,0971 euros.
In the general reckoning of the eight trading sessions at Euronext Lisbon, however, the price evolution was negative, falling 8,31% from the opening of 0,1059 euros on July 23 until the close of this Monday.
The theory is that the prices of rights in capital increases follow the prices of the main shares. In this case, the trend was the same, but more non-linear, as EDP's shares fell in the same period, but only 4,354%, slightly above half of the devaluation of rights.
In total, there were 55.778 transactions, with a total value of 46,94 million euros with 502,13 million rights to change hands.
EDP announced on July 15 the purchase of the Spanish electric Viesgo, valued at 2,7 billion euros, including 1,1 billion of debt. On the same day, the Portuguese company presented a capital increase operation of 1,02 billion euros, through the sale of 309,14 million shares, to help finance the operation without taking on more debt.
Each share of EDP, held until July 20, 2020 inclusive, corresponds to a subscription right to the increase. From July 23 and until 15:00 on August 6, 2020, shareholders can exercise the rights they hold, through subscription orders that can be revoked or changed until August 5, inclusive.
The other phase that also begins on July 23 was the negotiation of these subscription rights. EDP shareholders who did not want to subscribe to new shares, in whole or in part, could sell the subscription rights on Euronext Lisbon until the end of today's session, and could also do so outside the regulated market. In this way, other investors (not shareholders), can participate in the operation.
EDP explained that “all investors participating in the offer may place an additional subscription request for the apportionment of shares that may be left over,” stating that “the attribution of these shares will be made in proportion to the respective subscriptions, with rounding by default