Madrid, March 30 (EFE) .- All Bankia financial information included in the prospectus for its IPO reflected fairly the group, which met the solvency requirements to “almost final” in 2011, according to a new report by Ruben Manso, former inspector of the Bank of Spain.
This expert, one of the two contracted by the current team of Bankia to clarify what happened, reaches these conclusions in a report submitted to the judge of the Audiencia Nacional Fernando Andreu and has had Efe access.
The work done, he says, more can not conclude that the financial statements of Group BFA / Bankia should be regarded as consistent with the true picture of the economic subjects they represented.
“There is no evidence to show that the same during the period analyzed, containing materials or accounting errors in its formulation as managers have maintained the Group endorse their auditors and supervisory authorities, “he adds.
In addition, the company founder Mansolivar stresses that the accounts that appeared in the brochure output bag can be considered correct because they were either audited or reviewed by Deloitte.
The key to the market debut of the then entity chaired by Rodrigo Rato document met all the formal requirements of information required by law at the time of the initial public offering (PAHO), says this expert reputed, contrary to what is stated in court for the experts assigned by the Bank of Spain.
So much so, says the new report that in the brochure IPO especially warned of the risks to which the issue of shares of the group was submitted.
However, the transaction was subject “to strictly formal aspects legally required for this type of operation, paying particular attention to the characteristics and content of the prospectus and related documents to it. “
As for the participation of professional investors in the formation of price of the IPO of Bankia, the expert recalls that establishing as guarantor of fixing a value of the company through a concurrency model.
Moreover, stresses that no limitations were established the type of investor and its relationship with the issuer, nor the creation of corporate or long-term economic ties.
For example, after studying the various purchases undertaken by investors, the new report concludes that the participation of companies refinanced loans represent “a low percentage in the order book.”
This allows you to say “the existence of independence of all officers involved in the formation of price “incident.
Manso recalls that display controller recommended that capital issues of the converted boxes collect at least a total of 200 qualified investors representing at least 40% of the capital.
In the IPO of Bankia such figure rose to 317 investors, of which 298 participated in the process of pricing, and, according to the switchboards presented in the settlement of the offer This shall be achieved perfectly. the percentage of shares allocated to institutional investors was 45.52%
With regard to the issue price of 3.75 euros per share finally fixed, explains that was determined by “the existence of a complex economic moment for the country that determined the presence of risks arising from their economic situation as well as by pressure exerted by institutional investors.”
In its report, the expert also analyzes post-IPO months and in no time, doubt the solvency of the group until the end of 2011.
Moreover, emphasizes that the Bank of Spain considered that Bankia would face “smooth” the maturities of 2012 and that actions contribute to a substantial improvement in liquidity in the coming years.
Finally, on the reformulation of the 2011 accounts held after the arrival of José Ignacio Goirigolzarri to group, Manso ensures that you can say they were correct because they had a favorable opinion of the board, the general meeting and endorsed by Deloitte, besides not having opposition FROB
.
No comments:
Post a Comment