This is the first acquisition of a qualifying holding that is communicated from that, on 3 August, the BES was the target of a measure of resolution. You can still buy and sell açcões outside the stock exchange. That was what Morgan did on 5 November.
The Holy Spirit is, at this moment, a vehicle with the problematic assets inherited from the old BES. Was the BES that had, for example, participation in BES Angola that, after the Angolan intervention at the bank, has been reduced to nothing. Has other assets, such as deposits frozen in ex-administrators and family Holy Spirit. Are positions whose recovery is difficult. But there are those who want to be the "owner" of that which became known as the "bad" of BES. One of the examples is the Morgan Stanley.
The United States bank has strengthened its position in BES "bad". Already had some actions but, this Thursday, it was learned that bought shares in the entity after the measure of resolution applied, on 3 August, the Banco Espirito Santo. "The acquisition is the result of transactions executed outside of tour in day November 5, 2014, under which the Morgan Stanley & Co. International plc. acquired 31,360,000 shares of BES", indicates a statement published on the website of the Portuguese Securities Market Commission (CMVM).
Trading on the stock exchange of the shares of BES is suspended since 1 August. Two days later, the bank was resolved by the Bank of Portugal. The assets and liabilities healthy were transferred to the New Database; the problematic were the BES, which became a financial vehicle, without the ability to give credit or receive deposits. The objective of his administration, led by Most of the Saints, is unable to pay the costs that were transferred.
Despite the suspension, you can transact securities of BES outside the regulated market, i.e. in direct business. It was this that the Morgan Stanley did. This database is the first entity that knows that it has strengthened its position as shareholder in BES from the resolution.
Were purchased nearly 31.4 million shares on 5 November that allowed that the Morgan Stanley, through various subsidiaries, was with 118.6 million, a participation equivalent to 2.11% of the capital of the BES "bad". The communication is made to the CMVM because the entity that is bound to have overcome the barrier of 2% of the capital.
On the contrary, the BlackRock, on 14 August, has reduced its participation, leaving to have more than 2 %. Also in this case the position was reduced due to transactions made outside the stock exchange.