ENEL : Création des options AK->ENEL

nic1sted

01 juin 2009 •08:47

Enel shares fall after rights issue priced at discount

* Shares discounted to attract retail investors - analyst

* EPS dilution around 35 percent - analyst (Releads, adds analyst comments, background)

MILAN, May 29 (Reuters) - Shares in Italian utility Enel SpA (ENEI.MI) fell sharply on Friday after the group priced its 8 billion euro ($11.19 billion) rights issue at a hefty discount in a move some see as designed to attract retail investors.

The rights issue, which will start on June 1, aims to shore up Enel's balance sheet after the acquisition of Spain's Endesa (ELE.MC), and keep its single "A" credit rating.

On Thursday Enel, Europe's second-biggest utility in terms of installed capacity, set the subscription price for the 13 new shares to be issued for every 25 existing shares at 2.48 euros per share.

"I was expecting a 3 for 7 offer and a pricing of 3 euros. The discount is bigger than I thought, probably to attract retail investors," one London-based analyst said.

The Italian state, which owns around 32 percent of Enel, has already said it is ready to subscribe to its share of the issue.

In a research note, Banca Leonardo said that the issue price implies a 44 percent discount to Thursday's close but a 30 percent discount to TERP (theoretical ex-rights price). The new shares will not entitle holders to the final 2008 dividend.

cleblud

01 juin 2009 •09:01

merci, j'avais lu . ce que je voudrais savoir, c'est s'il est possible de vendre ces options si on ne veut pas participar à l'AK.

nic1sted

01 juin 2009 •09:06

Bien sur! vous n'êtes pas obliger de souscrire pour ne pas perdre de l'argent

nic1sted

01 juin 2009 •09:58

Ps les droits s'appelle enel axi. Je pense qu'il va y avoir de retard avant de les voir sur nos comptes ici en France

"L' operazione comporterà l' emissione di un massimo di 3.216.938.192 nuove azioni, per un controvalore complessivo pari a 7.978.006.716 euro. L' aumento di capitale prenderà il via il 1 giugno e si chiuderà il 19 giugno. I diritti Enel Axa potranno essere negoziati in borsa dal primo al 12 giugno."

M2497235

01 juin 2009 •10:46

et surtout OU? kel broker?

cleblud

01 juin 2009 •10:53

Avec les congés, il faudra certainement attendre demain.