NEX Montenegro to get majority stake in new bourse.

By bne IntelliNews August 13, 2010
The shareholders of stock exchange NEX Montenegro will control a majority stake in the new bourse that will be established following the merger with Montenegroberza. Under the merger terms, the 2,200 shares of NEX Montenegro will be converted into 1,875 shares of Montenegroberza. We note that the face value of the former is EUR 511.29, while that of the latter is EUR 600. The share capital of Montenegroberza is currently divided into 1,268 shares. Thus, the shareholders of NEX Montenegro will control 60% of the share capital of the new bourse. Moreover, their joint stake could reach 63.4% if they take advantage of the clause for 1:1 share conversion upon paying the difference in the face value of the shares. The subscription for the conversion was launched on Thursday (Aug 12) and will expire on Nov 12. We recall that the deal was approved by the shareholders of both stock exchanges earlier in the month, while the securities commission has already granted its approval for the deal. It should be mentioned that domestic financial group Atlas holds majority stakes in both bourses.

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