Best Male Waxing Place In Miami

introduction of the year with DELTA HOLDING


While society DLM has just completed its subscription period here that a second Moroccan society uses to market the Casablanca stock exchange to finance its expansion and development of its various subsidiaries.
The company in question is none other than the holding company Delta Holding, a company with 20 subsidiaries operating in the infrastructure sector, metallurgy, Environmental improvements, and finally para-services and real estate.

The operation will be carried out via open-price offer (OPO) for a price ranging between 870 dirhams and 920 dirhams, which will be set following the confrontation between supply and demand on the title.


In terms of the offer, it will consist of both a sale of 640,000 shares representing 16% of the final capital of the company and by an emission of 380 000 shares representing 9.5% of the final capital, totaling 1.02 million shares for a total of between 887.4 million and 938.4 million dhs dhs to purchase between April 24 and May 2

This operation considerably larger than that of DLM that opened the show introductions 2008 will be accompanied by a syndicate of investment significantly expanded since together the major private banks in the kingdom with Attijariwafa bank, BMCE, Societe Generale Marocaine Banking and Credit in Morocco which will add broker Dar Tawfir, Eurobourse Art Exchange and Safabourse.

The initial listing of securities is scheduled for 15 May

At the valuation of the company we find the two traditional methods of valuation most commonly used namely the DCF and comparable stock.

The first is based on a representative sample of 3 holding company already listed on the site to learn Moroccan ONA and SNI Zellidja which was declared admissible on PER (price earning ratio) Estimated Result 2008, is a multiple of 25.1 which applied for the benefit of DELTA HOLDING 2008 gives a valuation of capital is 4.6 billion dhs 1152 dhs per share.

The second method of DCF (discounted cash flow) is based on a discount rate of 10% and a perpetual growth of 3% which gives a value of 4.253 billion dirhams.
To this sum must be reduced to minority interests (355 million dirhams) and reflect a gain from the sale of 20 million dirhams from the sale of a terain doù in 2009 a recovery in 3914 Billion Dirhams.

So in the end, taking into account the 2 methods of FP recovery spring between 3.48 billion dirhams and 3.68 billion dirhams is between 870 and 920 dirhams per share respectively, representing a discount of 11% or 6%.

The detailed distribution of supply is divided as follows:

Type 1: reserved for employees, 51,000 shares offered or 1.2% of the capital after the increase.

Type 2: for natural persons (PP) and legal (PM) expressing orders below 250 000 dhs, 153,000 shares offered is 3.5% after the capital increase.

Type 3: for natural persons (PP) and legal (PM) expressing orders exceeding 250 000 dhs and less than 10 million dirhams, 153,000 shares offered is 3.5% after the capital increase.

Type 4: reserved for mutual funds, banks, institutional and CDG expressing orders less than 10% of the total (102,000 shares) or 5% for diversified mutual funds, 510 000 shares offered or 3.5% of the capital after the increase.

Type 5: Reserved for SA of Moroccan law and limited liability companies under foreign law whose principal activity is investment in securities with at least one year of expressing orders less than 50 million dirhams, 153 000 offered shares or 3.5% of the capital after the increase.

Shoe Spray For Basketball Shoes

resume introductions with DLM


That nearly three months that no company was floated on the Casablanca stock exchange, three month-long dearth of fresh paper that intérompre just entering the financial market Moroccan Delattre Levivier MOROCCO (DLM). This large SME

certainly will not change the composition of the Casablanca stock exchange given the modest size of the operation limited to 91.125 million dirhams compared with a market capitalization that flirts with the bar of 675 billion dirhams but nevertheless allow the machinery to revive and restore the place to Moroccan headlines.



Many Moroccans had become accustomed gradually to the stock exchange mechanisms with many introductions in 2007 that reached number Reccord of 10 acquired companies and therefore looked forward to the 2008 vintage. But then
that the company may be only an appetizer and a large number of investors may be disappointed for a number of points. All of
abbord as has been said the size of the business remains relatively small with a market capitalization of 364.5 million dirhams and an offer of only 125 000 new shares at a price of 729 dirhams, or a total of 91.125 million dhs representing a float of 20%.

addition the union is chosen too small with only 2 players, BMCI as leader and the brokerage firm ICF Al Wasit, intermediaries far the leaders in the field of intermediation market in Morocco.
So unless you open an account with such brokerage firms, investors will have to wait until the first day of trading on 29/04 to purchase securities.

For those still wishing to take the steps necessary to acquire securities in this introduction here are the details of the transaction taking place from April 14 to 16 with a possibility of early closing on 15th evening:

Type 1: reserved for employees of DLM, 6000 offered shares or 6% of capital

Type 2: for natural persons (PP) and legal (PM) expressing lower levels to 1,000 shares, 35,250 shares offered is 28.2% of the capital

Type 3: Reserved for PP and MP expressing orders between 1000 and 5000 shares, 25000 shares offered 20% of capital.

Type 4: Institutional expressing orders below 12,500 shares, 58,750 shares offered at 47% of the capital

Please note that orders will be served by successive iteration for type 2 and type 3 pro-rated, so given supply is more important for Class 2 is better for investors of just over 1000 shares to reduce their requests to stay under the threshold of the fateful thousand titles.
Moreover, it should be noted that there will be no effect leverage as possible, it will have 100% of the amount requested in the subscription. A union

limited, the lack of leverage, it seems that different actors have understood the need to return more reason to encourage investors and vraix avoid windfall for wealthy speculators who asked the maximum allowed without having the funds.
Sanctions CDVM on the latest introductions were thinking more of a corporation, a reminder he had sanctioned several companies for breach of rules including UPLINE who fined a record 10 million dirhams.
The company
DLM will use these funds to develop its export business and also for starting a business of building wind turbine towers in Morocco. DLM
achieved a 2006 turnover of 317 million dirhams and a net profit of 7,618 billion, respectively, is expected in 2007 and 460.27 billion for 2008 and 13.737mds 559.59 billion and 18,567 billion.