Net closes stable amid turbulence
quinta-feira, 27 de junho de 2002 , 16h59 | POR REDAÇÃO

Net (formerly Globo Cabo) closed stable on 1.92 reals Wednesday, June 26, after a day of considerable volatility. The price swung between a high of 1.95 reals and a low of 1.78 reals during the session. The stock has lost more than 50% of its value since Net announced a one-for-ten reverse split, and analysts consulted by PAY-TV News expect it to continue falling. They attributed the slide to management?s decision to limit the number of shares issued to raise 1 billion reals in new capital. The new shares will be priced at 1.74 reals, analysts reckon, and the company may have to offer a discount to persuade shareholders to buy the new stock without diluting their holdings. Contrary to earlier expectations, no one any longer Net plans will delay the issue until the market calms down. Controlling shareholders will take advantage of the fact that the stock is cheap to convert debentures, analysts expect. This will inevitably mean a smaller stake for the Marinho family, with a proportional increase for BNDES, the national development bank, and Bradespar, the investment arm of the Bradesco financial conglomerate.


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