Tecnisa shareholders reject Gafisa’s proposals; debut of Hidrovias in B3, Melnick raises R $ 713 million in IPO and more news

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In the corporate news, Tecnisa’s shareholders rejected the changes proposed by Gafisa to unite the two companies. In addition, Vulcabras Azaleia approved the licensing of the Azaleia brand to Grendene for a period of three years.

At the same time, the Melnick Even stock offering was priced at R $ 8.50 per share. The value is the floor of the indicative price range, which went up to R $ 12.50. Hidrovias do Brasil, on the other hand, debuts its shares today on the Stock Exchange. Tenda announced the payment of dividends, while Vale announced the remuneration of debenture holders.

The Public Ministry of Labor (MPT) of São Paulo rejected a series of complaints filed against Magazine Luiza, accusing the retailer of racism for having created a trainee program aimed exclusively at black people, according to O Globo.

Check out the highlights:

Melnick (MELK3)

The offer of Melnick Even shares was priced at R $ 8.50 per share. The value is the floor of the indicative price range, which went up to R $ 12.50. As a result, the company’s funding totals R $ 713.58 million. The basic offer was only primary, of 73 million shares, that is, R $ 620 million goes to the company’s cash.

The purchase of land for future developments will be the main destination of the funds, according to the company’s prospectus.

Waterways of Brazil (HBSA3)

Hidrovias do Brasil’s shares will debut at B3 this Friday. On Wednesday, the company raised R $ 3.4 billion in an initial public offering (IPO), the highest of the year so far.

The logistics company priced its shares at R $ 7.56 each, on the floor of its estimated price range, according to data available from the Securities and Exchange Commission (CVM).

Hidrovias do Brasil is one of the largest companies providing independent integrated logistics services with a focus on waterway logistics in Latin America.

Vale will pay the remuneration of the participatory debentures on September 30, 2020, in the gross amount of R $ 1.271221414 per debenture, totaling R $ 493.944 million. Financial settlement will take place on October 1, 2020.

Magazine Luiza (MGLU3)

The Public Ministry of Labor (MPT) of São Paulo rejected a series of complaints filed against Magazine Luiza, accusing the retailer of racism for having created a trainee program aimed exclusively at black people, according to O Globo. For the MPT, the case is not about labor violation, but affirmative action for historical reparation. In all, the MPT received 11 complaints, accusing the company of promoting “racism”.

Vulcabras (VULC3) and Grendene (GRND3)

Vulcabras Azaleia announced that its board of directors approved the licensing of the Azaleia brand to Grendene for a period of three years, with the possibility of renewal for the same period. The license fee will be paid by Grendene based on a percentage of the products’ monthly net operating revenues.

Credit Suisse raised the target price for Suzano from R $ 54.5 per share to R $ 65 per share and pointed out that paper remains the bank’s favorite in the pulp and paper sector, with an Outperform rating (above average) ). The change incorporates the results of the second quarter and the cost reduction of 4% in cellulose. The company’s stock is currently traded at a multiple of 6.5 times EV (Company value) / Ebitda 2021, below the historical average of 7 to 7.5 times.

In a report, Credit updated its expectations for Suzano, with an Ebitda forecast of R $ 18.7 billion in 2021. For 2020, the bank expects an Ebitda of R $ 14.5 billion. The increase is expected to be supported by higher prices, better pulp shipments and lower pulp production costs. Thus, the Free Cash Flow should be R $ 7.2 billion (yield of 11.5%). As a consequence, leverage is expected to drop from 5.6 times to 3.2 times in 2021.

Ray Drogasil (RADL3)

Bank of America (Bofa) resumed coverage of Raia Drogasil with a Purchase rating and target price of R $ 29 per share. The bank expects earnings per share (EPS) to grow at a compound annual growth rate (CAGR) of 25% between 2020 and 2025. In a report, the bank said that the worst is behind us, and that the company has consistently delivered signs of recovery, which should benefit the actions.

After having a 7% drop in same store sales in the second quarter, the company should move into positive territory in the third quarter, according to Bofa. Sales are expected to grow 16% in the third quarter and 18% in the fourth quarter, compared to the same period last year. In addition, the Ebitda margin is expected to return to pre-pandemic levels throughout 2021.

At an Extraordinary General Meeting (AGE) held on Thursday, Tecnisa’s shareholders rejected a new attempt by Gafisa to incorporate the company’s business. Four proposals made by the Bergamo Fund, which has Gafisa as its sole shareholder, were rejected.

With 31,850,084 votes against, 82,000 abstentions and no favorable vote, the shareholders did not proceed with the Bergamo Fund’s proposal to increase the company’s share capital by R $ 500 million. The shareholders also denied the proposal to increase the company’s authorized capital limit to 200 million common shares, with 31,710,059 votes against, 222,025 abstentions and no votes in favor.

The decision came a day after Tecnisa’s Fiscal Council recommended the rejection of the plan, with the justification that “it is not necessary to carry out a capital increase by Tecnisa in the short term for it to execute its current business plan”.

The AGE participants rejected, with 31,622,149 votes against, 226,435 in favor and 83.5 thousand abstentions, a request from the Bergamo Fund to replace the statutory provisions that prohibit the acquisition of a relevant stake in the company (‘poison pill’), as well as for the alteration of rules related to the sale of share control, the cancellation of the registration as a publicly-held company and the withdrawal of the Novo Mercado segment from B3 and other rules related to the hypothesis and conduct of public offerings for the acquisition of shares.

Finally, Tecnisa’s shareholders did not proceed with the request that the Bergamo Fund made for the creation of a Committee of Good Corporate Practices in statutory terms, with the inclusion of new articles in the company’s Bylaws. There were 31,607,161 votes against and 324,923 in favor.

Tenda approved the payment of dividends of R $ 13.7 million, equivalent to R $ 0.139520413 per share. Shareholders of shares on the base date of September 29, 2020 will be entitled to dividends. The shares will be traded on the “ex-dividend” condition as of 09/30/2020. Dividends will be paid from October 16, 2020.

B3 reported that dividends for the first and second quarter of 2020 were adjusted from R $ 0.64836875 to R $ 0.64874250. The interest on equity referring to 2020 was adjusted from R $ 0.144778588 to R $ 0.14787107 per share. The payment of dividends and interest on equity will be made on October 7, 2020. The Company’s shares will be traded on an “ex” earnings basis and as of today (25).

(With Agência Estado, Reuters and Bloomberg)

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