LISBON, Portugal, May 17, 2021 /PRNewswire/ -- In relation to the general and voluntary public offering for the acquisition of shares representing the share capital of Semapa - Sociedade de Investimento e Gesto, SGPS, SA - respectively ("OPA") and ("Semapa") - launched by Sodim, SGPS, SA ("Sodim"), by this means, Sodim recalls some key aspects contained in its official documents, namely the announcement of the offer and the Prospectus.
As mentioned in the Offer documents, Sodim's objective is to eliminate the double listing from Semapa and its main subsidiary Navigator, concentrating the Group's presence in the stock market in this subsidiary.
The current Semapa / Navigator double listing is a structural constraint on the behaviour of the Semapa title in the market where it competes with the Navigator share whose stock market behaviour has historically replicated with a high correlation and with significantly lower levels of dividend yield and liquidity. Thus, with this offer, Sodim intends to provide a liquidity event and a relevant exit premium to Semapa shareholders (see Prospectus), also allowing those shareholders who wish to switch to the Navigator share.
For those shareholders who, having accepted the Offer, intend to continue to follow the evolution of the share, Sodim reminds that there is the possibility of reinvesting in Navigator, where the Group intends to concentrate its presence in the market and that between 2016 and 2020 presented a correlation of 0.97 in its stock market behaviour with Semapa, having presented levels of dividend yield and liquidity (measured by the average volume of daily transactions) respectively 2.3 and 4.5 times higher.
It is important to keep in mind that Navigator will distribute dividends in the amount of 0.14 euros per share on 25 May 2021 and will be traded ex-dividend as of 21 May 2021, inclusive.
Sodim recalls that under the terms of the announcement of the Offer and the Prospectus, its objective is to achieve 90% of the voting rights but reserves the possibility of waiving this condition on the date of the determination of the offer results.
Sodim also recalls that the offer will run until 25 May 2021 and that Semapa shareholders wishing to accept the Offer must communicate this intention to their financial intermediaries until 3 pm on 25 May 2021.
This press release does not exempt you from consulting the Prospectus and all the official documentation of the offer.
