IAG yesterday gave the go-ahead to its , which implies almost 66% of its capitalization at the close of last Friday. The airline has set a nominal price for the new shares of 0.92 euros, while the rights started their price at 0.724 euros, although . They rose 24%, to 0.9 euros, despite the fact that, finally, they closed at 0.77 euros, 8.85% more. The shares posted gains of 4.71%, up to 1,457 euros.
What is the best option for someone who wants to position themselves in the company? After the session on Monday, it is somewhat more favorable to enter IAG via rights. At current prices, buying your shares this way is 1.62% cheaper -at 1.43 euros- than doing it directly on the market.
And what options does someone who is already a shareholder have? In that case, there are three avenues to consider. The first, and easiest, is not to move a piece and assume the dilution –. When the negotiation of the rights is concluded, you will receive the money from your sale.
The second is to go to the operation. To do this, you must communicate it before September 25 -inclusive-, but be careful because some brokerage houses, such as ING, will not receive orders beyond 10 in the morning of that session.
And there is a third option that is known as white operation. It basically consists of selling the rights to buy shares on the market, without having to pay more money. In this sense, the more the rights rise, the more beneficial it is for the shareholder, but the commissions must be taken into account, since for going to a capital increase some analysis houses do not apply the securities purchase fee as they would in open market. For example, whoever had 1,000 IAG shares, the difference between having sold with the price of the right at 0.724 or the closing of 0.77 is 46 euros more -up to 770- or 32 more titles -up to having 527 new shares of the airline -.
Biggest drop of the Stoxx 600
IAG has suffered since the pandemic began, plummeting nearly 70% compared to February, at record lows. However, against all odds, the multinational that is part of elMonitor’s investment portfolio maintains a large part of its buying advice, with the support of 56% of analysts.
“This operation will help to reinforce its liquidity, without affecting the indebtedness, with a greater capacity to face a slower recovery,” they say from InterMoney. “The expansion will restore the level of liquidity prior to the pandemic,” they recall in Renta 4, with more than 10,300 million euros, which leads IAG to “recover its status as one of the airlines with a better capitalized balance sheet.” “IAG will have to adapt to a smaller and more competitive aviation industry, but the Spanish one has a unique and very attractive structure,” concludes Barclays.
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