Monday, November 19, 2012 4:50:05 AM
Note that the U.S. market didn't react at once to the decision made public already on Nov 14th but there was a massive sell-off from 10:34 on Friday without any reversal.
On the Yahoo board, I saw many panicked investors asking for what would be the remaining value of their shares once delisted.
The company did a terrible job in its PR and scaremongers are now filling the void. This is not a BK company but a profitable one in a booming economy (Mercosur zone). So, obviously, there is value in SAB shares.
IMHO, the company should issue a PR stating the automatic conversion of each ADR share (the U.S. SAB share) for 10 mexican ones once the ADR shares are delisted.
This is the only solution to be fair with the U.S. investors as this is the conversion rate announced in the ADR program and the actual one before the disastrous announcement of voluntary delisting from NYSE.
Besides, if such a corrective PR is not coming, SEC should be alerted. Shares and the underlying money invested cannot just disappear in thin air like this when a company is just deciding to regroup its trading on a single exchange. No bankruptcy here, no financial problems, no change in value for the company if not a slight appreciation due to the savings from not maintaining two separate listings.
I addressed such a request to the company on Saturday, no answer yet. GLTA
Contacts:
Grupo Casa Saba
Carlos Mora
+52 (55) 5284-6623
cmora@casasaba.com
or
IR Communications:
Jesús Martínez Rojas
+52 (55) 5644-1247
jesus@irandpr.com
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