Roque Feler escribió:Y que el mgm anuncie el plan de recompras o me diga que piensa hacer con la parte del dividendo de Irsa que me retuvieron.
En IRSA pongo un extracto de la CC sobre IDB:
Question-and-Answer Session
Operator
Thank you. The floor is now open for question. [Operator Instructions] The first question will come from Alvaro Garcia of BTG. Please go ahead.
Alvaro Garcia
Hi Alejandro, Matias thanks for taking the call. Just one quick question regarding your commentary on IDBD in the release. The question is, how should we think about Israel’s ownership in IDBD going forward? Is it something that you would want to consolidated at a 100% in a very short-term or is it something that you would want to sort of sit on, on your third ownership stake over the medium-term? Thank you.
Matias Gaivironsky
Thank you Alvaro. When we wrote the contract before the year in our financial stake and in June, we include that sentence that said that we may increase our stake in IDB. So the reason why we included that segment is because we today have an option to acquire around 14% of the shares of IDB. Remember that at the moment we used to have a partnership when we entered in Israel 50/50 and then there was a buyback option - buy and sell option that we exercised. And finally, IFISA acquired that stake was around October or July 2015.
At that moment, IFISA granted an option to IRSA to acquire those shares at the same price that IFISA acquired plus an interest rate of 8.5%. So that option expired in February 2018. So by February, we should decide, if we will exercise or not that option. But if we exercise, we will increase our stake in IDB. So that is why we included that sentence. So if we do something, we will do it from now until February. So that is the reason why we…
Alvaro Garcia
That’s clear. That’s very helpful.
Matias Gaivironsky
And in terms of cash, that part of the option. Remember that at the same time, IRSA granted a loan to IFISA. So if we exercise the option that is cash less transaction, because we will exercise the option, but at the same time, we will receive the cash. So that won’t represent an increase in the cash for that portion.
Then IFISA has another portion around another 18% of the shares of IDB. Remember that today, we control 68% and IFISA almost 32%. So for the other portion, if we decide to acquire, then we will represent some cash, but for the option, not.
Alvaro Garcia
Yes. I guess Matias my question was that 18% that sort of second portion that will be remaining, is that something that you would want to take on sooner rather than later or something that you are not very let’s say active about and you would be okay with not controlling that over the longer term?
Matias Gaivironsky
Alvaro we haven't decided that yet. So I can't comment on that, but the fact is that we have the right and the option to acquire a portion of that. So that is something that we need to decide prior to February.
Alvaro Garcia
Perfect, that's a very clear answer. Thank you Matias.
Basicamente yo creo (espero):
- IFISA tiene el 32% restante de IDB. 14% tiene una opcion IRSA contra un presta que le hizo a IFISA en su momento. No me cabe duda que van a ejercer esa opcion, que sera contra la cancelacion de ese prestamo.
- IFISA quedara con un 18% de IDB, contra el cual tambien hay una opcion. Creo que van a ejercerlo con parte del efectivo de la venta de IRCP.
- Terminariamos con IRSA teniendo el control total de IDB. Creo que sobrara efectivo y con eso podrian aumentar participacion en DIC.
Es positivo porque simplifica el analisis al tener control total del centro de operaciones israel, reduciendo interes no controlante. Y porque migran riesgo argentino (IRCP) por potencial israeli. Ojala sigan este camino.
Tambien espero que con la porcion de dividendo de IRSA no distribuidos anuncien un plan de recompra, y empiecen a ejecutar una parte apenas puedan. Con esta correccion, el plan de recompra de parte de la empresa vuelve a tomar fuerza. No era lo mismo empezar a recomprar en maximos que casi 20% abajo.
Sldos.
al menos
