General de Alquiler de Maquinaria has been informed by its major stakeholders Dinamia Capital Privado S.C.R., S.A., Inversiones en Alquiler about the fact that they have proceed with the sale of shares to qualified investors.
The share volumes sold is 2.020.897, 1.638.322 and 382.576 respectively at 11,06 euros per share which represents a 14,1% of the total share capital.
This operation is complementary to the initial IPO that was reduced at the time of being a listed Company due to the existing market conditions. Such conditions obliged to reduce the estimated sale offer amount, in spite of which the Company, showing full confidence in its project, continued with the operation. This trust has already been confirmed by the market with a positive share price evolution.
After today sale communication, the current Company share capital reaches the situation initially foreseen (in relation to the expected free float) and implies not only an increase in the shareholders mass but a larger share liquidity. These were the two main objectives pursued by GAM through the IPO process.
The strength shown by GAM shares clearly reflects the good progress of the Company in terms of growth ( net sales increased of 45,9% in the first half of 2006 compared to previous year) and diversification strategy ( new specialized Business: GAM Verde, GAM Eventos, GAM Vías, GAM Puertos, GAM Estructuras, GAM Energia and GAM Industrial), facts communicated at the time of public results published in July this year that caused an upward revision of results initially estimated for 2006.
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