Taurus faz reorganização societária
Now I think Taurus will start replying my emails.
Taurus will merge with Polimetal, its largest shareholder, and assume its debts (165 millions BRL).
Luiz Fernando Costa Estima, the owner of Polimetal, will give half his shares to the other shareholders and FJTA will go to governance level 2 (with 100% tag along).
Taurus will be able to use Polimetal's fiscal losses of about 220 millions BRL. It's worth about 70 millions (34%).
I don't know yet how many ON shares I will get from this deal.
Wednesday, May 11, 2011
Forjas Taurus - FJTA4
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3 comments:
Good news for Forjas.
I think there will be a discount for you to take FJTA3, but if it's not huge, it worth you while.
Actually, after reading carefully, I see 2 main problems:
-Economic value of FJTA3 was set at 5.96, 57% above FJTA4 price. So, if you have 1.000 FJTA4 you'll receive only 637 FJTA3.
- FJTA's net debt will grow 90% to 348 mi.
The advantages would be more "governance" and the fiscal losses gains of about 70 mi (or less than that, since FJTA will be able to use juste 30% of its pre-tax earnings per year: a benefit of less than 10 mi per year. So it will take 7 years).
As expected, net debt of FJTA grew more than 30%. Poor CFO.
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