cerco aiuto per fare un po di conti
SAN JUAN, Puerto Rico--(BUSINESS WIRE)-- First BanCorp (the “Corporation”), [NYSE:FBP], [NYSE:FBPPrA], [NYSE:FBPPrB], [NYSE:FBPPrC], [NYSE:FBPPrD], [NYSE:FBPPrE], announced today that it has signed an amendment to the exchange Agreement executed with the United States Department of the Treasury (the “U.S. Treasury”) on July 7, 2010. Pursuant to the amendment, the U.S. Treasury has agreed to a reduction in the size of the capital raise required to satisfy the remaining substantive condition to the Corporation’s ability to compel the conversion into shares of common stock of the Series G, Fixed Rate Cumulative Mandatorily Convertible Preferred Stock (the “Series G Preferred Stock”), held by the U.S. Treasury. The amendment agreed upon reduces the required capital amount to compel the conversion from $500 million to $
350 million.
Aurelio Alemán, President and Chief Executive Officer of First BanCorp, said, “The reduction in the size of the capital raise required to convert into common stock the shares of Series G Preferred Stock is a result of the actions completed over the six-month period ended September 30, 2010 to deleverage and de-risk our balance sheet.” The Corporation has successfully executed a plan to deleverage the balance sheet which has, in the aggregate, reduced total assets by 12%, or $2.2 billion. As part of this plan, the Corporation sold non-performing assets, for the most part in the Florida market, which, when combined with charge-offs, reduced non-performing assets by 7%. The resultant reduction in the balance sheet has enabled the Corporation to revise the capital plan that it has previously described and has been executing this year.
The amendment to the agreement with the U.S. Treasury also includes an amendment that reduces the previously agreed-upon discount of 35% of the liquidation preference of the Series G Preferred Stock to 25%. This amendment increases the number of shares of common stock into which the Series G Preferred Stock is convertible. Based on the initial conversion price of
$0.7252 per share, which is subject to adjustment, First BanCorp would issue approximately
438.7 million shares of common stock (rather than 380.2 million shares of common stock) upon the conversion of the Series G Preferred Stock.
allora verranno emesse 438mln di azioni per il tesoro (presplit quindi 29,2mln)
verrà fatto un aumento di capitale per raccoglier 350mln di $.. ma a che prezzo? posto che è stata disdegnata un'offerta a 0,3 (4,5 post split) mi
sembra conservativo dire 5 abbiamo qundi altri 70mln di azioni da aggiungere alle 21mln outstanding
totale 21+70+29=120mln. la diluizione rispetto alle 21 è dell 600% (o 500, come si voglia intendere l'espressione)
diluendo il tangible book value (
Tangible Book Value Per Share (TBVPS) Definition) presente nella trimestrale di settembre) di
5,56
abbiamo
5,56/6*15=13,9
non ho considerato i cambiamenti nel valore di libro dati dalle operazioni di conversione ne gli sviluppi posteriori a settembre...
qualcuno mi può dare un aiuto su questo punto?
effettivamente il tesoro ha concordato di convertire a 10, sembrerebbe brutto che non toccasse questo livello
