As the final stage of your departure from Chapter 11 (process similar to judicial recovery in the US), the Gol He announced the issuance of almost 9 trillion shares – which should become the largest ever recorded in B3 history. The new structure comes into force from tomorrow (12), but although astronomical volume can give the impression that the company will become more valuable, in practice the impact is not quite this.
The movement will result in a 99.8% dilution for current shareholders, with the issuance of 8.2 trillion ordinary shares and 968 billion preferred. Unlike the current quotation close to R $ 1, the papers will be offered at symbolic prices: R $ 0.0002857142 per ordinary action and R $ 0.01 per preferred. In total, the capital increase of the sum will add R $ 12.03 billion.
“The investor sees action close to $ 1 today and thinks he has a chance to fold in value. But he does not realize that she is about to plummet, because she will have to adjust to the new base price, which will be cents,” warns Welliam Wang, manager of. “It’s like having a car of $ 20,000 and the next day, this same car is $ 100”.
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The manager emphasizes that the goal remains indebted, burning cash and, even after the restructuring process, still has a high valuation in relation to competitors. This is because the company’s debt represents more than 5.4 times Ebitda, while pairs operate with multiple minors.
“Gol’s debt alone is worth the whole company. It’s a completely compromised valuation,” says Wang.
B3 requires trading in lots
With the new pricing, B3 intervened to avoid speculative movements. From tomorrow (12), the old (E) tickets will be replaced by GOLL53 and GOLL54, and the papers will be traded only in lots of 1,000 units.
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“If it were allowed negotiating per unit, the action would be locked at $ 0.01, and any positive variation would make a false impression of gain. This would make room for manipulation and speculation,” says Wang.
The B3 decision aimed to protect investors, especially retail ones, which should be the most affected by change. This gains even more relevance in the face of Gol’s shareholding profile, which today is widely sprayed, with over 100,000 CPFs among the company’s role holders.
In this context, the scenario may refer to the case of American stores, when a large portion of individual investors suffered significant losses after the collapse of the actions. “The story can repeat itself – and not so long ago it has happened,” warns Wang.
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Issue format
With the issuance, ABRA, Gol controller, should take about 80% of the company’s capital. For the AZ Quest manager, the operation was necessary in the face of the restructuring process, but could have been conducted more clearly.
“Why not adjust the value to $ 10 and proportionally reduce the amount of papers? It would be simpler and more understandable for everyone,” he suggests. He also draws attention to the profile of the company’s shareholders. Many have modest values invested – between $ 100 and $ 1,000.
With the new structure, maintaining the same participation will require an contribution of approximately $ 2,800. “Not everyone has this money available immediately to follow the subscription,” says Wang.
