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Banca I.F.I.S Spa BNCIF

Banca Ifis is an independent banking group specializing in the collection of trade receivables, non-performing loans, and tax receivables. The group's credit is exposed mostly to Italy and other European nations. Its trade receivables segment focuses on growing trade finance loans and providing liquidity to Italian small and medium-sized enterprises. Approximately one-third of its loan portfolio is from government and public administration, whereas two-thirds are from the private sector. The gro


GREY:BNCIF - Post by User

Post by newsimon1707on Jun 30, 2017 9:02am
122 Views
Post# 26423284

The question is, how do they calculate the % of ownership

The question is, how do they calculate the % of ownership


of the new FCC?

This is what needs to be clarified... you can't just put an arbitrary value on the companies that will joined!

Based on what value are they saying we will have 11% of the new FCC market cap, the old FCC will have 35-36% and Cobalt One 53%?

Values I have is:
FCC before NR 29,5 million market cap
Cobalt one before NR: 65 million
CSK at the buying price value: 17 million. or 0,2632 shares of FCC at 0,20... ok, maybe that is not the real value because it's not a bought deal like 17digger pointed out, but it needs to be at least the value they are using in the % calculation... or else, on what would you base ou % of ownership...
 

Total value is 111,5 million...
FCC shares represent : 26%
Cobalt one represent: 58%
CSK represent: 16%

Even if you use the value of FCC at 0,76$... gives a market cap of 41,8 million...
total market cap of 123,8 million $
FCC shares represent: 33%
Cobalt one represent: 53%
CSK represent: 14%... not 11%...

But you can't use the value of FCC post mergers... because it takes in consideration the value of the synergy... so it's not fair to use that value... because Cobalt one and CSK gave them that value... you have to take the value of the 3 companies separately and before annoncement...

Give me an answer and I will stop as to how CEO said 11%...

So far, they haven't issued a NR saying he made a mistake on BNN...!

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