The fund sold the shares back in mid-February, amounting to 9,533 pieces. According to the prices at that time on the Zagreb Stock Exchange, PBZ/CO likely sold these shares for just over 107,000 kuna.
The mandatory pension fund PBZ/CO fell below the threshold of five percent ownership by selling Dalekovod shares, as stated in a notice on the Zagreb Stock Exchange. The fund sold the shares back in mid-February, amounting to 9,533 pieces. According to the prices at that time on the Zagreb Stock Exchange, PBZ/CO likely sold these shares for just over 107,000 kuna.
However, this fund has been selling Dalekovod shares for some time. Specifically, when Dalekovod was recapitalized by issuing new series B shares and when they were converted into Series A in January last year, the PBZ/CO fund had a total of 1.46 million of those shares, or 5.93 percent of the ownership stake. Since then, the mandatory pension fund has sold a total of 252,202 shares of Dalekovod. According to data from the Central Clearing Depository (SKDD), PBZ/CO began selling Dalekovod shares in mid-June last year. From then until today, the average price of Dalekovod shares has been around 14.31 kuna, which would mean that the average value of the shares sold by the PBZ/CO fund is around 3.61 million kuna. It should be emphasized that this is the average value of those shares in the period from June 2015 to March 31 of this year, and not the value at which PBZ/CO sold those shares.
However, the question arises as to who is buying them. According to data on the ten largest shareholders of Dalekovod in SKDD, besides the PBZ/CO fund, only two other shareholders sold their shares in this same period. Thus, the mandatory pension fund Erste Plavi sold 13,461 shares, a shareholder hiding behind the custodial account of Privredna banka Zagreb sold 34,549 shares, and the custodial account of OTP bank sold 27,577 pieces. Therefore, it is not clear who bought those shares.
