Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3

Royal Bank of Scotland Group plc : RBS Declares Dividend on Cumulative Preference Shares for Half-Year
04/23/2013| 01:01pm US/Eastern
LONDON--Royal Bank of Scotland Group PLC (RBS.LN), the 81%-government-owned bank, said Tuesday that it has declared half-yearly dividends on the 11 per cent and the 5.5 per cent cumulative preference shares.

MAIN FACTS:

-The dividends will be paid on May 31, at the rate of 5.5 per cent and 2.75 per cent, respectively.

-Royal Bank of Scotland shares closed Tuesday at 293.0 pence, valuing the company at GBP17.48 billion.
 
BBVA Sells Peruvian Pension Unit to Sura, AFP Profuturo
04/23/2013| 02:55pm US/Eastern
(Updates with details on AFP Profuturo's purchase of stake.)

By Darcy Crowe and Ryan Dube

BOGOTA, Colombia--BBVA (>> Banco Bilbao Vizcaya Argentaria S.A.) has sold its Peruvian pension unit, with Colombia's Grupo de Inversiones Suramerica SA and AFP Profuturo taking equal stakes.

Grupo de Inversiones Suramerica SA (GRUPOSURA.BO), known as Grupo Sura, said it is buying a 50% stake in for $514 million. Sura, in a filing to the Colombian securities regulator on Tuesday, said the purchase took place in the open market in the Lima stock exchange where BBVA AFP Horizonte, the Peruvian pension fund, trades.

AFP Profuturo, whose main shareholder is a unit of Bank of Nova Scotia (BNS, BNS.T), also said Tuesday that it bought the remaining 50% stake in AFP Horizonte. AFP Profuturo said in a statement to Peru's securities regulator that it paid about $515 million for the stake on the Lima Stock Exchange.

AFP Profuturo said that within six months it plans to transfer 50% of the pension funds held by AFP Horizonte to its portfolio. It said the other 50% will be transferred to AFP Integra SA (INTEGRC1.VL), which is Grupo Sura's unit.

Grupo Sura, a financial conglomerate that is also a shareholder in Bancolombia, Colombia's largest bank, has been expanding overseas in recent year.

The Medellin-based firm in 2011 paid 2.6 billion euros to acquire the pension business of ING Groep NV (>> ING Groep N.V.) in Latin America.
 
Dear all,

 

As promised I hereby send you an update on the latest developments (and especially the hearing at the Enterprise Chamber)

 

1.       Hearing at the Enterprise Chamber

 

It was long and cost a lot of energy (two days of hearings from  10.00 a.m.  until resp. 8 and 9 p.m.) but I was satisfied with the way things went). Not only because our lawyers did a superb job but also other lawyers have given their best shot while the lawyers on behalf of the Ministry of Finance appear to be not interested (no proper answers, internal contradictories, lacking or inadequate information)

 

The judges of the Enterprise Chamber were critical as usual but very receptive to our arguments.

 

It would be to much (and to technical) to try to summarize all the arguments in the petitions but generally speaking we have argued that a compensation based on the latest price on the stock exchange seems reasonable (because it contains all relevant and publicly known information) while we argued that the decision of the Dutch State to conmpenate for zero is based on:

 

·         Wrong information

·         Inadequate information

·         Inadequate procedures

·         Wrong assumptions

·         Conspiracy Dutch State with Dutch Central Bank

 

The Enterprice Chamber have stated that they will raise a verdict as soon as possible. Normally it will take a few (up to 6) weeks and then the following alternatives emerge: 

 

A.      The Enterprise Chamber submits a final verdict whereby they:

 

1.       Approves the compensation offered by the Ministry of Finance (compensation remains 0)

2.       Approves our proposal  (compensation equals the last price on the stock exchanges)

3.       Determine a valuation themselves (somewhere between 0 and the latest price on the stock exchange)

 

B.      The Enterprise Chamber submits a preliminary verdict whereby the:

 

1.       Require additional information

2.       Appoint experts

 

I am of course not in a position to adequately assess the most likely outcome but I expect the Enterprise Chamber to raise a preliminary verdict whereby I assume that that they will choose to appoint experts. The experys will conduct an investigation  into all fact and circumstances and based on the gathered evidence propose a compensation to the Enterprise Chamber (and the Judge ultimately will make a final decision).

 

As soon as the breaking news is there I will immediately inform you through an update. 

 

 
 
Venduto (non per me) ieri pomeriggio Unipol 798 a 79, 134 a 77.50.
Entrato abbastanza deciso 22/4 su MB pure io.
 
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