Negative surprise for OHL. Signature JPMorgan Asset Management UK has declared a short position on the National Securities Market Commission (CNMV) 0.68% of the capital of the construction company. The operation is dated January 21 and coincides with the monthly maximum marked on the stock exchange for the value in 1.50 euros per action
Since then, the price of OHL has chained several days of losses that have led to fall to 1.15 euros. This entity did not declare a short position in the construction company since 2018when he communicated a position of 0.57% in the month of July that later closed in October. Previously, it had also declared short positions of even 1% in 2015.
So far, the bearish operation proposed by this firm has been very successful, since since 1.50 euros per share on January 21, OHL has chained a fall of the 24% in just one week, which has reduced its stock market value to just 330 million euros.
At present, according to data published by the regulator, together with JPMorgan AM there is only one other entity that has a bearish position above 0.5% open on OHL. It is the speculative fund Melqart Asset Management, which has declared a short on 0.95% of the capital, dated January 9, 2020.
HSBC TRAINS SPECULATING UPwards
The bearish operation is not the only one that has given benefits in OHL at the beginning of the year. As Bolsamanía published last week, HSBC It sold the 5% stake that it bought at the beginning of the month for 15 million euros with an approximate capital gain of about 6 million euros, after a 40% increase between the date of purchase and the sale.
On the other hand, another opportunistic fund, Sand grove, managed by Simon Davies, maintains a participation of 3.92% in OHL. The firm, domiciled in the tax haven of the Cayman Islands, controls all its participation through a derivative product called Contract for Difference (CFD), which allows speculative operations with a lot of leverage.
WAITING FOR THE MEXICAN PARTNER
Meanwhile, OHL is still awaiting an eventual agreement between its reference shareholder, the Villar Mir group, and the Mexican family Amodio, so that it enters the construction company and injects capital.
As the group advanced when it recognized the contacts, it is expected that the operation will materialize in a double way. On the one hand, the Amodium would perform a capital injection through an extension and, on the other, Villar Mir would sell them share of 33% stake that he has in the construction company.
Thus, the Amodio, through its construction company Caabsa, would be done with a relevant participation, but always less than 30% so as not to have to cast an opa over 100%. For their part, the Villar Mir They would reduce their participation as a historical reference partner of the construction company.
However, the agreement was planned for the beginning of the year, but has not yet crystallized. "The conversations between the group and the Amodio continue with the same objective, to take a stake in the company, and we hope they conclude before the end of the year", the company's CEO said in November, Manuel Alvarez.
In any case, the experts of Sabadell Bank they do not expect the entrance of the Amodium to result in a benefit for the minority shareholder, so they reiterate their advice to 'sell'. Pending possible corporate developments, investors continue to 'fish in troubled waters' and take advantage of the huge volatility Of value.
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