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The actions of OHL They are the protagonists of today’s session after learning that the Vilar placed 16% of the shares on the Amodium at 1.10 euros, double yesterday’s close.

This is a simple reminder that there is life after Covid-19 and that money is moving looking for opportunities, but beyond that you have to ask yourself a big question, the million dollar question.

Why pay double what it is worth in the market?

Apparently it is very strange, Who is going to pay twice the market value being able to buy them on the stock exchange? The explanations can be various, but I would say that the most convincing and most likely the one that has been produced is for a question of effectiveness.

In the way it has been done, it is the fastest and most effective way to sit on the board of directors today and not have to fight day after day for how long you buy little by little all the shares you can.

OHL has 286,033,252 shares admitted to trading, therefore buy 16% of those shares under the assumption, for example, that the average monthly volume (1.1 million shares) is traded every day from today would imply that I have to jump more than two months buying all the shares that are brokered in the market.

This from the technical point of view does not have any complexity since you can work with purchase orders with hidden volume and with orders “all or nothing” to go testing vendors without them detecting you. In fact, it would be the best way to make a carrier operator happy. SIBE.

In this way, you could gradually get hold of those more than 45 million shares representing 16% of society, but before the first 1% you would have to notify the CNMV and with it all the specialized media such as Invertia would echo the relevant fact and with it could become, as strange as it may seem, counterproductive to the extent that the total cost could go above € 1.10 of the operation notified today.

However, I still don’t understand the logic of the operation beyond avoiding that risk (very low in my opinion) mixed with some want to take a seat on the council immediately. It is like when you want to receive good treatment and specialized advice on the purchase of shoes and you go to Corte Inglés instead of going to Carrefour (with all due respect to the latter). The only difference is that the Amodiums have gone straight to Harrods here.

And I leave aside what experience tells me: a secret agreement between both families where their clause is quoted to pay double the closing of yesterday before an event that has been fulfilled.

Be that as it may, reality is what it is. Now we have Amodio as the maximum shareholders of OHL and with an additional purchase right of € 1.20 on the remaining 9% that the Villar still possess that expires on November 22.

I just can’t see this whole thing very clearly.

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