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Nyesa will imitate Deoleo's 'accordion operation' to avoid its liquidation

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Nyesa looks at herself in Deoleo's mirror to try to survive. Real estate company wants to imitate the 'accordion operation' that avoided the liquidation of the Spanish oil company. In other words, it intends to carry out a restructuring plan that consists of a reduction in capital by reducing the nominal value of the shares and a subsequent increase that reverses the situation of equity imbalance.

To ensure the viability of this plan, the company also needs to reach an agreement to modify the agreement with its creditors. As it explains XTB analyst Joaquín Robles"The possibility that he will be able to withdraw and restructure his debt is the only solution at the moment," since his current financial situation "does not invite optimism."

Thus, it expects to reverse the negative net worth of 10.1 million euros that it registered at the end of 2019, after the deterioration of 45.6 million that it made due to the problems with its Narvskaia Project in Russia and that They have led him to place himself in the cause of dissolution.

However, although Deoleo's case has shown that it is an effective planIt is inevitable that the 'accordion operation' will leave victims on the road. It will primarily harm retail investors, who will lose a large part of their investment when the capital stock is reduced. Their only option to avoid losing money is to go to the capital increase, although they will have to make a new investment and there is the risk of running out of anything again.

At the moment, Nyesa does not contemplate any compensation for retail shareholders, although if it follows Deoleo's example, it could approve an issue of 'warrants' in favor of these. It is only an assumption, since the company has not ruled on it, but it would be a fair compensation if these corporate titles had no cost and incorporated the option of receiving a part of the amount that results from the company's future business.

NYESA DOES NOT KNOW HOW TO RECOVER FROM THE FINANCIAL CRISIS

It is well known that the financial crisis of 2008 affected the real estate sector with great virulence. Some companies have known how to overcome, but Nyesa has been wandering the tightrope for years. "It is a company that has not known how to recover since the last crisis and has been deteriorating its financial statements progressively in recent years," says Robles.

Already in September 2011 was excluded from listing after requesting insolvency creditors. He managed to overcome this situation in July 2014 and returned to the park in January 2018, after the arrival of a group of Russian investors. Since then, the company's shares have accumulated a drop of more than 97%.

Nyesa has never been able to start and the Russian investors, who started controlling 49% of the capital, were undoing positions up to the 29% that they currently hold. If the majority shareholders did not trust the share, why would the minority shareholders do so? Thus, the price has plummeted to record lows after the sharp falls it has registered this Tuesday after announcing that it was on the verge of liquidation.

He 'Bolsamanía' analyst, José María Rodríguez, points out that "the value was already very bearish in all the terms, which can be deduced only by looking at the share price, but the news has led to the pulverization of the support it had at the previous historical lows (0.0042) and it has reached a new all-time low of 0.0028 euros ". These minimums "coincide with the base (support) of a bearish channel through which the price has been moving since the end of 2018, while the high part of it (resistance) is currently passing by around 0.008 euros," he adds. .

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