Rush on the Central Depository Agency and Brokers

Ahead of tomorrow’s “D-Day” for the sale of shares of Hrvatski Telekom (HT), there is once again a stampede of citizens. This time not to banks, but to the Central Depository Agency (SDA) and towards brokers. Of the 360 thousand citizens who subscribed for shares, today just over 15 thousand have managed to register them.

Only those who register their shares can trade them tomorrow on the Zagreb and London Stock Exchanges. Many brokerage houses had even hired security guards at their doors today to stop the influx of people into their offices, and in some places even prevented physical confrontations. This morning, due to the large number of applications, the system of the Central Depository Agency briefly crashed, and a similar situation could occur tomorrow at the stock exchange. The regular shares of HT will be listed tomorrow on the highest tier of the Zagreb Stock Exchange, the Official Market. They will be tradable from the start of the trading day at the Exchange, specifically from 10 AM, under the stock symbol HT-R-A, and at the same moment, trading of HT’s GDRs (Global Depositary Receipts) will commence on the Regulated Market of the London Stock Exchange.

Half an hour before the start of trading on the Zagreb Stock Exchange, the Exchange Director Roberto Motušić and the President of the Management Board and CEO of HT, Ivica Mudrinić, will sign the Listing Agreement. HT shares are being listed on the Zagreb Stock Exchange at a price of 265 kuna per share, and the movement of their price after listing will be completely left to supply and demand in the market. How tomorrow will unfold, despite all preparations, is a concern even at the stock exchange. All shareholders are reminded that if trading is halted during the day, there is no need to panic. “Shares will not disappear; trading will resume normally as soon as the technical issues are resolved,” Motušić stated. Many citizens, counting on good profits, have purchased HT shares on credit. There are no exact figures on how many loans have been contracted.

In every bank, several thousand dedicated loans for shares have been recorded. However, cash loans, credit card loans, and overdrafts have also been taken. The question remains whether they will be profitable, especially after the reduction of packages. If nothing else, banks will allow clients to return excess money and thus reduce their indebtedness. Analysts have warned in vain that one should not play with loans on the stock exchange. The hope for easy profit has outweighed sound logic. Accurate calculations are impossible without the selling price. They vary depending on the type and conditions, as stated in the central news of HRT.