Reco schreef op 25 september 2014 23:24:
Bron SNS Securities 25-09-2014
Conclusion & Action: Now that TFDE has completed its rights offering, we can calculate the strike price of the call option that Telefonica has on a 2.9% stake in TFDE. That strike price is EUR 6.06, some 48% higher than the post-rights issue share price. As Telefonica requires the 2.9% to benefit from certain fiscal advantages, it is more likely that the company will buy the shares in the market, meaning KPN will not receive EUR 510m from Telefonica, which the market may have counted on. The negative impact is somewhat lessened because KPN will profit more from the eventual value creation at TFDE. But as that is further into the future, we reduce our price target to EUR 3.20.
Mvg,
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