Templeton Asset Management acquires 9.21 pct in Czech textile co Pegas |
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Thu, 19 Jul 2007 11:18
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PRAGUE (Thomson Financial) - Templeton Asset Management Ltd has bought a 9.21 pct stake in Czech textiles maker Pegas Nonwovens SA, Pegas said today.'Pegas is pleased to inform that it has been notified by Templeton Asset Management that clients and funds managed by Templeton Asset Management... jointly acquired 850,000 shares in Pegas resulting in 9.21 pct of voting rights in the company,' Pegas saidEarlier in the week Pegas said Polish investment fund OPERA Towarzystwo Funduszy Inwestycyjnych SA acquired its 5.2 pct stake.Pegas' former main owner, investment fund Pamplona Capital Partners, sold its 43.4 pct stake in the company on the open market on July 10.The volume of Pegas' freely traded shares increased to 98 pct with the remaining 2 pct held by the management.'In the long-term, we believe that the increase of the free float could boost trading with Pegas shares,' said Jana Machackova, an analyst at brokerage Atlantik FT, adding that Pegas will be able to generate strong cash flows thanks to its new production lines in the Czech Republic and will be able to pay out higher dividents than this year's 0.76 euro per share.Atlantik reiterates its 'buy' recommendation and target share price of 807 crowns, Machackova said.jana.mlcochova@thomson.com +420 222 191 108jm1/lamCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Czech Pegas says main shareholder Pamplona signals possible stake sale 