BCP’s share capital increase: demand surpassed offering
The total demand registered in the capital increase accounted for roughly 122.9% of the amount of offerings, states the Portuguese bank BCP. Therefore, the operation was "fully subscribed".
The capital increase performed by the Portuguese bank BCP was “fully subscribed”: the total demand registered accounted for “approximately 122.9% of the amount of the Rights Offering”.
“13,94 billion ordinary shares were subscribed to pursuant to the exercise of subscription rights, representing about 98.4% of the total number of ordinary shares to be issued pursuant to the Rights Offering; the remaining 225,682,455 ordinary shares were available to satisfy oversubscription orders”, is stated in the notice sent by the BCP to the Portuguese Securities Market Commission (CMVM). The oversubscription orders have exceeded about “14.3 times the amount available”, the bank states.
The operation has been, therefore, “fully subscribed”; the total amount of shares requested by investors surpassed by 22% the number of securities offered within the 1,330 million euros’ capital increase, an increase which will allow the bank headed by Nuno Amado repay CoCo bonds and reinforce capital ratios.
“The financial settlement of the ordinary shares subscribed for pursuant to the exercise of subscription rights occurs today [February 3] and the financial settlement of the ordinary shares subscribed to pursuant to the exercise of oversubscription rights is expected to occur on 7 February 2017”; trading should begin after the capital increase is registered in the commercial registry on 9 February 2017, the bank states to CMVM.
