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    MONET   CZ0008040318

MONETA MONEY BANK, A.S.

(MONET)
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MONETA Money Bank : shareholders urged to vote against Air Bank deal

06/09/2021 | 09:29am EDT

PRAGUE, June 9 (Reuters) - Two investor advisory firms have recommended MONETA Money Bank shareholders vote against a plan to buy investment group PPF's Czech and Slovak lending assets, saying the price may be too high.

It was not clear what impact the recommendations from Glass Lewis and Institutional Shareholder Services could have on the June 22 shareholder vote on the two-part deal.

The tie up is the groups' second attempt in two years to create a Czech banking giant to compete with larger rivals.

If approved, the deal would give PPF majority control in MONETA, the country's sixth largest bank.

MONETA agreed last month to buy PPF's lender Air Bank, Czech and Slovak units of global consumer lender Home Credit and peer-to-peer lender Benxy for 25.90 billion crowns ($1.24 billion).

Most of the purchase price would come from the proceeds of an issue of new shares to PPF, which would see its almost 30% stake in MONETA rise to 55%.

MONETA could not immediately be reached for comment.

In response to the proxy firms' recommendations, PPF said it believed in the rationale to combine assets with MONETA to form a "retail banking champion and create value for all Moneta shareholders."

In papers, both advisory firms said the proposed acquisition had strategic merit and would add scale.

"(But) we believe the deal, as currently structured, ascribes an excessive valuation for the Air Bank Group relative to industry peers," Glass Lewis said.

"We also question whether the Company has taken sufficient steps to safeguard the interests of the Company’s unaffiliated shareholders, particularly for a transaction that would result in a change of control."

Petrus Advisers, which says it holds over 5% in MONETA, making it the second biggest shareholder, has also opposed the deal.

At the vote, the proposed deal requires 50% support of the quorum, while 75% must approve the issuance of new shares to PPF.

A deal to combine MONETA with assets from PPF - which was founded in the 1990s by Czech billionaire Petr Kellner, who died in March in a helicopter crash in Alaska - fizzled in 2019 when MONETA sought a lower valuation of Air Bank.

MONETA shares were last up 0.6% at 79.35 crowns, near the 80 crown price at which the new shares would be issued. ($1 = 20.8070 Czech crowns) (Reporting by Jason Hovet Editing by Mark Potter)


ę Reuters 2021
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Financials
Sales 2021 11 201 M 521 M 521 M
Net income 2021 2 885 M 134 M 134 M
Net Debt 2021 - - -
P/E ratio 2021 14,2x
Yield 2021 6,22%
Capitalization 40 829 M 1 892 M 1 900 M
Capi. / Sales 2021 3,65x
Capi. / Sales 2022 3,48x
Nbr of Employees 3 032
Free-Float 63,3%
Chart MONETA MONEY BANK, A.S.
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MONETA Money Bank, a.s. Technical Analysis Chart | MarketScreener
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 8
Average target price 91,46 CZK
Last Close Price 79,90 CZK
Spread / Highest target 32,7%
Spread / Average Target 14,5%
Spread / Lowest Target -6,13%
EPS Revisions
Managers and Directors
NameTitle
Tomßs Spurnř Chairman-Management Board
Jan Fricek Chief Financial Officer
Gabriel Eichler Chairman-Supervisory Board
Vladimir Klein Chief Information Officer
Klara Starkova Chief Operating Officer
Sector and Competitors