Investors received the Friday "PB" news on Toora's
loss of liquidity very badly. At the opening the price was PLN 6.90, i.e. 12.4
per cent less than at the closing on Thursday. During the day the index fell as
much as 44.2 per cent to reach the bottom (at PLN 4.40) and only slightly make
up for the loss (PLN 4.92 at the closing).
The volume of trade was PLN 98m,
much higher than this year average (PLN 4.4m), shares worth nearly PLN 10m
changed hands - almost two times more than free float!
Such hot reactions
were the result of the "PB" article about Toora's serious problems with
liquidity.
"Traders got scared and decided to sell, even with
a loss. It's likely that on Monday, when the less active traders will have read
the news, the downward trend will continue. Now we have to wait for information
from the company. A lot depends on the talks with the creditors", says Sobieslaw
Kozlowski, the analyst from the BPH Stockbroking House.
Toora's authorities
remain calm and say that when they receive the court's notice, the apppropriate
measures will be taken.
Although some creditors have been waiting for their money since January, part of them managed to collect the debts, e.g. listed Cash Flow. They are ready to buy Toora's other debts, however, it's too early in CF's opinion to apply for Toora's bunkruptcy.
Still negotiations with banks, especially PKO SA,
will be of the key importance for Toora's future. To their advantage a company
from the bank's group: Pioneer Pekao Investment Management has nearly 7 per cent
of the car part maker's shares that were bought for more than PLN 20. At present
they have over PLN 20 million to make up for.
Other funds also got their
fingers burnt on Toora. Amplico Life with over 5 per cent shareholding lost, as
estimated, more than PLN 15m. ING TFI's estimated loss is more than PLN 20m as
they sold their shares much cheaper (PLN 11-12) than had bought (over PLN 20).
In the best situation is a company from the Estonian Trigon group that become
interested in Toora already after its index had fallen so dramatically.
(PLN 1 - EUR 0.265)