Petro Rio S.A. ADR fka HRPTY

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Geraldo Samor
SEE Markets

News , analysis and opinion about the companies that make the exchange.
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04/16/2014
at 11:41 \ Oil, gas and mining
HRT : Discovery can use " surrogate "

HRT has released Fact saying the Discovery Capital , a holding that had about 18 % of the company , reduced its stake to 0.16 % of the capital of HRT .

The announcement comes two days after a large block of shares being sold in the market, which generated speculation about the Discovery have thrown in the towel , since HRT is yet to find its first barrel of oil and businessman Nelson Tanure now controls the company indeed.

However , the financial market, not everything is what it seems. The market has instruments that allow a fund to transfer its position to other vehicles ( other PCs ) in order not to have to tell the market about their every movement . Known as swaps - - These instruments allow the owner of a share transfer ownership of shares to one or more banks , with which it signs a contract .

Under the agreement , the bank is paid to act as a " surrogate " , carrying the client's position , which , depending on the size , no longer has to be reported to the market .

For example , if the original Discovery wanted to sell his stake in HRT would have to communicate to the market every time to sell 5 % of the company . So , as she had 17.7% of HRT , which would communicate to the market when the lot fell below 15 % , 10% and 5 % .

If , however , the Discovery moved its position to banks through swaps (holding less than 5 % in each bank ) , it can sell its shares discreetly , without having to report their sales .
By Geraldo Samor