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News last night after hours
Correct. Banco Espirito Santo E trading under the tickers BKESF/BKESY is not being sold. It will be liquidated with zero available to the common shareholders.
This entity is not being sold. Only Novo Banco is being sold which is 100% owned by Portugal's Resolution Fund.
Four Bids for Novo Banco
Date : 06/30/2016 @ 3:50PM
Source : Dow Jones News
Stock : Banco Espirto Santo E (PC) (BKESF)
Quote : 0.0015 -0.0002 (-11.76%) @ 3:59PM
Bank of Portugal Receives Four Bids for Novo Banco
Banco Espirto Santo E (USOTC:BKESF)
Historical Stock Chart
1 Month : From Jun 2016 to Jul 2016
Click Here for more Banco Espirto Santo E Charts.
LISBON—Portugal's central bank said Thursday that it received four bids for Novo Banco SA, the good bank created out of the collapse of Banco Espí rito Santo SA.
Novo Banco was put on the block last year, but its sale was shelved in September over price disagreements.
Bank of Portugal said in a statement that it now will decide whether to sell the bank to a bidder or through the market, a task that could prove difficult given investor uncertainty following U.K.'s vote to leave the European Union last week.
The central bank didn't name the bidders.
Write to Patricia Kowsmann at patricia.kowsmann@wsj.com
http://ih.advfn.com/p.php?pid=nmona&article=71864409
Break out board? So what? Only means more posts than usual...nothing more.
Novo Banco is currently under sale. The Bank of Portugal said late last month that four parties have made bids. It will now decide whether to sell the bank to one of the bidders.
BKESF on the break out board
Either way this puppy is being sold to the big boi's! $$$$$$$$$ BKESF
Here's the article for those that would like to read it. Doesn't this line cause some concern to anyone besides me?
Subordinated creditors, who are owed a total of €4.4 billion, lost all their money.
http://www.wsj.com/articles/report-says-some-banco-espirito-santo-creditors-deserve-more-compensation-1467838112
I believe the pump is for the wrong company.
LMAO...based on what? Have you seen their most recent FS? These are in '000s of Euros. Even if they get another $2 BILLION from a lawsuit, heck give them $3 BILLION, there still isn't enough to satisfy the creditors. And in the event of liquidation, creditors must be paid 100% before anything is available for distribution to shareholders. In other words, creditors, both secured and unsecured rank ahead of common shareholders. A link to their financial statements:
http://www.bes.pt/Comunicados/20160523%20fsd160713_uk.pdf
Oh, and BTW, were you aware that they cannot accept deposits? Or lend money? It is only a matter of time before the plug is pulled and this gets a "Q" as the fifth symbol at the end of it's ticker
My hope is one of the 1 billion dollar competitive bank is our buy out.
From B item #9:
Therefore, Banco Espírito Santo, S.A. is no longer carrying out any activity, and Banco de Portugal will eventually withdraw its authorisation for exercising activity. This decision will result in an insolvency declaration that will in turn initiate Banco Espírito Santo, S.A.’s judicial liquidation proceedings. These liquidation proceedings will only focus on those liabilities and assets that have not been transferred to Novo Banco, S.A. The costs associated with these proceeding are those resulting from an insolvency proceeding and will be borne by the insolvent estate.
https://www.bportugal.pt/en-US/OBancoeoEurosistema/Esclarecimentospublicos/Pages/infobes.aspx
This thing is toast ie walking dead
What shareholders can expect to receive - zero. Section H item #2:
By law, the shareholders may only be paid through judicial liquidation proceedings for the Banco Espírito Santo, S.A. business that has not been transferred to Novo Banco. Furthermore, under the subordination hierarchy resulting from the applicable legal and contractual provisions, this can only happen after all the other credits over the insolvency have been settled.
https://www.bportugal.pt/en-US/OBancoeoEurosistema/Esclarecimentospublicos/Pages/infobes.aspx
In other words, once all the creditors are satisfied 100%, any residual funds after liquidation, can be distributed to the shareholders.
A Market cap of 9.5 mil. Those other banks have caps of billions
BKESF is under 10 mil!!!!!! Unreal and undervalued
BKESF banking competition. check out these numbers. These are other local banks that are publicly traded
Valuation
Company name Price Change Chg %
Mkt Cap
BKESF BCO ESPIRITO SANT... 0.00150 -0.00020 -11.76% 9.56M
BPCGF BCO COM PORTUGUES... 0.0305 0.0000 0.00% 1.77B
BBSPY BANCO BPI SA UNSP... 2.65 0.00 0.00% 1.93B
BQCLF BANQUE CANTONALE ORD 54.00 162.00M
BDYVY BCO DAYCOVAL SA S... 4.09 0.00 0.00% 172.77M
SAN Banco Santander, ... 3.78 +0.04 1.07% 52.66B
AVAL Grupo Aval Accion... 7.83 +0.01 0.13% 2.74B
BNDSY BCO DE SABADELL U... 3.54 0.00 0.00% 9.85B
GGAL Grupo Financiero ... 30.60 -0.07 -0.23% 3.11B
BGALF BANCO DE GALICIA SA 1.30 739.26M
http://www.google.com/finance/related?q=OTCMKTS%3ABKESF&hl=en&ei=F4t9V4j8N4KrmAHHuoW4AQ
Interesting news starting to flow. These Billion $ Funds/Institutions what to make some money.
BKESF stands a great chance at getting paid.
NEWS OUT, Report Says Some Banco Espí rito Santo Creditors Deserve More CompensationSource: Dow Jones News
LISBON—Banco Espí rito Santo SA creditors whose credit were neither subordinated nor transferred to the "good bank" created from the collapsed lender should have the right to recover 31.7% of their money, a report ordered by the central bank has found.
Professional services firm Deloitte was asked by the Bank of Portugal to perform an independent valuation and determine how much money creditors would have recouped had Banco Espí rito Santo been liquidated in 2014. The lender was instead broken up between a "good bank" called Novo Banco SA and a "bad bank." Novo Banco received a capital injection through a Portuguese national resolution fund.
Under the rules of the resolution, if creditors lost more money under the resolution of Banco Espí rito Santo than they would have lost under a liquidation, the resolution fund would have to cover the difference.
The creditors in question are owned €25.1 billion ($27.9 billion). Under a liquidation, they would have received 31.7% of that, or €8 billion, according to Deloitte. Bank of Portugal, however, said in a statement that it is still not possible to estimate the compensation to be paid given "there are a group of complex legal and operational questions" pending.
According to Deloitte, Novo Banco received €30.5 billion owed to guaranteed and privileged creditors. Subordinated creditors, who are owed a total of €4.4 billion, lost all their money.
Separately, Novo Banco said Wednesday that its chief executive, Eduardo Stock da Cunha, will cease to be chairman by the end of the month. Mr. da Cunha will also leave his CEO position in the summer, as planned, to return to Lloyds Banking Group, where he was granted a leave of absence in 2014.
Novo Banco is currently under sale. The Bank of Portugal said late last month that four parties have made bids. It will now decide whether to sell the bank to one of the bidders.
Write to Patricia Kowsmann at patricia.kowsmann@wsj.com
(END) Dow Jones Newswires
July 06, 2016 17:15 ET (21:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
What's the word cheeky
This link doesn't take me to a document. What's it stating?
This is from a document on that site.
Banco Espírito Santo, SA (BES) informs, pursuant to article 248.º of the Securities
Code, that Espírito Santo Bank, in Miami, changed its name to Brickell Bank. BES’
shareholding in Espírito Santo Bank was one of the assets that remained with BES
after the application of the resolution tool determined by Bank of Portugal on 3
August 2014,.....
http://www.bes.pt/Comunicados/20150727%20fsd76363_uk.pdf
I found this here >>>http://www.bes.pt/01.1_home_uk.html << I am not sure if its been shown but thought it mite be of interest.
Spread needs to tighten up. Once she does, all are off as to how high we run.
Average Volume was under 200k, we've traded 15m in 2 days.
Let's go, couple more hits we are green.
Nite pops up with 500k at 9, then drops off. I waited till he popped on the offer again. It took about a minute to fill.
Four bids is great!!! Open the packets and pick the highest one. Submit to the board and it's a done deal!
Let's get green people!!
Yes she looks ready to explode
L2 is ready now, crazy thin.
When I saw them move to .002 that was my signal to pick more up
Looks like CDEL sold out his 1 Milly @ 18.
Too many people want this cheap
My buy order 400k at .0009 is not filling
18's fall and we should challenge yesterday's highs.
People keep messing with the bid, trying to scare people
BKESF $$$$$$$$$$$$$$$
$2.2b Bonds/Assets @ Maxed OS is $0.45 PPS. Yah it could be huge.
Wow, Huge Shareholders Lawsuit, Around 14 asset managers including BlackRock, Inc. BLK and Pacific Investment Management Company, LLC (PIMCO) have commenced legal action against the Portuguese central bank after it took the contentious decision to transfer five bonds of about €2 billion ($2.2 billion) from Novo Banco to a “bad bank” Banco Espirto last December.
Buying more loving the price, up 700% yesterday and no real pull back. BKESF will turn green soon! INTL will walk the bid up
15's gone, 16's falling. 18's key!!
Once these thin .0016's clear its blue skysss BKESF$$
INTL FCStone Inc. Subsidiary #1 Market Maker in More Than 2,000 Securities
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About INTL FCStone Securities Inc.
INTL FCStone Securities Inc. provides trading, market making, investment banking and corporate finance services to customers around the globe. The investment banking division provides capital raising, mergers and acquisitions advisory, trade finance and bank loan syndication as well as restructuring and corporate advisory services to middle market firms in the natural resources, agriculture, financial institutions, power generation and real estate sectors. INTL FCStone Securities Inc. (member FINRA/SIPC/MSRB) is a wholly owned subsidiary of INTL FCStone Inc. (Nasdaq:INTL).
INTL FCStone Securities Inc. is a registered broker dealer and member of FINRA, SIPC and the MSRB. This information is not meant to be viewed as analysis or opinion of any security. This information should not be taken as an offer or as a solicitation of an offer for the purchase or sale of any security or other financial instruments or as a recommendation to engage in any trading strategy. The information presented was obtained from Bloomberg for the time period specified above and is currently available in the public domain and while it is from sources believed to be reliable, it is not guaranteed to be complete or accurate. INTL FCStone Securities Inc. may have long or short positions in securities or related issues mentioned here.
About INTL FCStone Inc.
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Many don't know mm INTL, they are a huge Institutional Buyer. Weird they are Top bid.
Could have something awesome on our hands
NEW BOD TO BE ANNOUNCED >> News From.Website >> RELEASE CONCERNING THE CESSATION OF THE TENURE OF
THE CHAIRMAN OF THE BOARD OF DIRECTORS
Banco Espírito Santo, SA (BES), informs that Dr. Luís Augusto Máximo dos Santos
submitted his resignation as Chairman of the Board of Directors of BES by letter dated
16 June 2016, to produce effects as from 19 June 2016, following his appointment as Director of Banco de Portugal.
Banco de Portugal, using its powers as resolution authority, resolved to declare that Dr. Luís Augusto Máximo dos Santos’ office as Chairman of the Board of Directors of BES ceased as from 19 june 2016.
Until a new member of the Board of Directors of BES is appointed by Bank of Portugal, the Board of Directors of BES will continue to work with its two current members, Dr.
César Bento Nunes de Brito and Dr. Miguel Oleiro Morais Alçada.
Contacts
Representative for the relations with the market and with CMVM
Francisco Boavida Salavessa
E-mail: investor.relations@bes.pt
Lisbon, 24 June 2016
BANCO ESPÍRITO SANTO, S.A.
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