The price of the pre-emption rights for the capital increase initiated by the Romanian producer of organic fertilizers Norofert (NRF) jumped 8.2% on Tuesday morning February 23 to 1.45 RON, according to Bucharest Stock Exchange data.
Investors who buy pre-emption rights at this price pay a premium of around 18% for the possibility of purchasing new shares issued by Norofert as part of the capital increase operation.
An investor needs 14.58 pre-emptive rights to obtain a Norofert share at a price of RON 13.1161. For example, an investor who wishes to buy 100 new shares will need 1,458 pre-emptive rights, for which he will pay 2,114 RON. He will also have to pay the subscription price of RON 1,311, which brings the total investment to RON 3,425.
The price of Norofert shares on the Bucharest Stock Exchange is currently 29.2 RON. Thus, an investor can buy 100 existing shares directly on the market for 2,920 RON.
This is unusual, given that the price of pre-emption rights plus the price of new shares is generally lower than the current price of existing shares. One of the reasons for this is that investors do not get the new shares right away and have to wait until they can sell them and the price of existing shares may go down in the meantime, making investing in new shares riskier.
Norofert is one of the fastest growing companies on the Bucharest Stock Exchange. Since the start of this year, NRF shares have gained 125%.
(Photo source: BVB chart)
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