Direct line It already has a date for its premiere on the stock market. The insurer of the Bankinter group It will debut as listed on April 29 with a valuation of 1,434 million euros. An amount equal to one reference price of € 1.3175 per share.
This is stated in the brochure of the operation that the National Securities Market Commission (CNMV) has approved this Thursday. The authorization from this supervisor was the last that Bankinter had pending to proceed with the operation, so that everything is ready now so that in two weeks it becomes in the first company to debut on the Spanish stock market this year, in which a record volume of operations is expected.
As planned, the premiere of Línea Directa it will be executed through a direct listing of your actions, most of which will be distributed among Bankinter shareholders as an extraordinary dividend in kind against the share premium. Once this distribution is made, the financial entity will keep 17.4% of the insurer, while the remaining 82.6% will be distributed among its investors.
Within this block, two of Bankinter’s most significant shareholders will stand out. From one side, Cartival, the patrimonial firm of the Botín family, will be placed even ahead of the bank with 19.15% of the insurer. Later, at a more than considerable distance, the businessman Fernando Masaveu will achieve control of 4.3% of the shareholders.
Once these relevant holdings have been discounted, the prospectus contemplates that 59.06% of its share capital will be freely circulated (free float). This percentage corresponds to a total of 642.65 million shares and a reference valuation of 846.69 million euros. However, the quota could be reduced once institutional investors begin to declare their positions once the insurer is listed as a listed company.
About the hood
In accordance with the calendar set out in the brochure that this Thursday received the green light from the CNMV, the new shareholders They will receive the Línea Directa titles in their securities account on May 3, the day that has been established as the payment date of this particular dividend. Similarly, April 28 will be the last day to acquire Bankinter shares with the right to become a shareholder in its still subsidiary.
This calendar allows Bankinter fulfill the plan drawn up on the hood for Línea Directa when, just over three weeks ago -on March 23-, it received the approval of the European Central Bank (ECB) to proceed with the operation. This was explained by the CEO of the Spanish bank, María Dolores Dancausa, in her speech at the ‘Finance Observatory’ organized that same day by Invertia.
As a result of this jump, the insurer will stay outside the perimeter of Bankinter’s balance sheet. And with her, 20% of the income that the financial institution has accounted for up to now. However, the entity has shown its commitment to remain as a shareholder of the next listed company, which will mark a price under the acronym LDA.
A company that, although with a highly differentiated business model based on direct and remote marketing, will be compared with its two rivals that already set a price on the floor. These are Mapfre Y Catalan West.
Board of directors
As a mere formality for the process to run its course, it is pending that the Bankinter board of directors ratifies the terms contained in the operation brochure, especially those concerning the planned schedule. The entity reported this Thursday that this will be the objective of the next meeting of its governing body, scheduled for next April 21.
In order to carry out pending tasks, a few days ago Línea Directa already appointed its own new board of directors, which will have seven members, two less than it used to. The governing body of the company will be chaired by Alfonso Botín-Sanz de Sautuola and Naveda, while Miguel Angel Merino He will perform the position of CEO of the insurer.
The operation that Bankinter had been preparing for years enters its final stretch and thus consummates the mandate received from its shareholders in the general meeting held on March 19 of last year, when the roadmap for its separation as an independent company and listing on the Madrid, Barcelona, Bilbao and Valencia stock exchanges, as well as on the Spanish Stock Market Interconnection System (SIBE) for inclusion in the Continuous Market was approved.
The brochure also indicates that Línea Directa will debut with a share capital of 43.537 million euros. An amount that is divided into the 1,088.42 million ordinary shares with which it opens, with a nominal value of € 0.04 each of them.
As for your dividend policy, It has already been suggested that the objective is for Línea Directa to be able to distribute up to 70% of its net profit among its new shareholders. However, the prospectus is limited to stating that payments will be approved “as long as the Solvency II ratio remains above 180%”, which today would give way to “distribute all its ordinary net earnings to shareholders.” In this way, the next listed company is positioned as an advantage in the matter among its rivals in the sector on the floor.
This Thursday, the CNMV has also given the go-ahead to the premiere of Ecoener, which thus becomes the first Spanish renewable energy to reach the Madrid stock market this year. Its release, in a procedure that has been reserved for institutional investors to gain agility, will take place one day after the Línea Directa, April 30.