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Bullboard - Stock Discussion Forum Petro Rio S.A. HRTPF

"Petro Rio SA is engaged in exploration and production of oil and gas in Brazil and abroad. The Company is currently engaged in the hydrocarbon production in Polvo field."

GREY:HRTPF - Post Discussion

Petro Rio S.A. > Tanure in Brazilian magazine
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Post by Debora on Jan 20, 2014 6:39am

Tanure in Brazilian magazine

Tanure purchase fight with shareholder of HRT Businessman asks the prosecutor 's conduct and CVM American Discovery Fund Maria Luiza Filgueiras of EXAME São Paulo - The businessman Nelson Tanure reached 10 % stake in oil and gas company HRT last Friday, and decided to pick a fight with another shareholder of the company , managing the Canadian Discovery . Advocates of JG Petrochem , Tanure company , sent two notifications to Discovery , which had access EXAMINATION firsthand that accuse the management of insider information to trade stocks and have exceeded 20 % of the capital of HRT - the would trigger a tender offer to the minority . The Discovery is the largest shareholder of HRT today , with 17 % of the capital . According to the document of JG Petrochem , sent as a complaint to prosecutors , the Securities Commission ( CVM ) and the capital market regulator in Canada , Discovery allegedly received insider information from two directors appointed by it , François Moreau and Oscar Prieto . At the last board meeting in January , the two directors were questioned by competitors hold positions in companies of HRT , which would create a conflict of interest . The two directors have resigned from office, the same day as the other four independent directors have resigned. In another notification, JG Petrochem accuses Discovery have exceeded 20 % of the shares , without notice to the market ( which is mandatory as per the rules of the CVM ) , which would trigger a purchase offer on the roles of minority shareholders . The company attributes this Tanure information " to the market and the press ," citing a statement published in the newsletter Reserved Report. >
Comment by Grizzle1 on Jan 20, 2014 9:12am
The implication to the move is that if the Discovery 20% holding can be legally proved, then under the OPA fair market value, Discovery will be forced to declare a new fair asset/market tender value for HRT if 2 shareholders reach this value, which could be up to 10x current marcap. So Tanure could be looking for a very quick 10x ROCI if he hasnt any interest in moving for the majority holding ...more  
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