Petro Rio S.A. HRTPF

And then say I'm pessimistic?

[Rzbern]

minimum of 3.93 price of hrtp3 yesterday 

If the action remains to 4,00, plus the 25% discount will to 3,00 and each debenture may be converted into 6.67 shares (20.00 / 3.00 = 6.67). The 4359624 (debentures) x 6.67 = 29,064,160 new shares existing front 29,748,449. 

The new ownership structure if the calculation was this would be: 

29,748,449 + 29,064,160 = 58,812,609 total shares 

Thus represent existing 50.58% of the total. Diluting the actual numbers representing a loss of around 50%. This dilution is also being carried quotations and creating a devaluation cycle, since the greater the risk of dilution become less valued actions and translate into sales and the more you sell the more unfavorable calculation and more diluted and again more sales . 

If such VPA company is now R$ 50.93 as the company describes it has 1.5 billion of equity. The new VPA will be: 

1.5 billion / 58,812,609 = R$ 25.50 

note: considering that the company is operating time to 20% of the VPA such reference is: 

20% of 25.50 = R$ 5.10, which justifies the selling pressure in these rates below the historical background recently broken in 6.20. 

Do not think that you can stop there. Quotations may fall further and some assets will need to make impairment and 1.5 billion will be reduced. 

What helps HRT is the dollar, because as 98% of the reserves are in dollar certainly the largest company in revenue in 4t14 will be the demonstration of gain by investments in foreign currency. That should not be enough to face the fall of Brent.