Banco Espirito Santo Plunges: Shareholder Meeting Cancelled Due To “UNEXPECTED FACTS”

–  Banco Espirito Santo Plunges: Shareholder Meeting Cancelled Due To “Unexpected Facts” (ZeroHedge, July 29, 2014):

With all other operating holdcos having already declared bankruptcy, the anxiety over Banco Espirito Santo is growing (despite DE Shaw and Goldman Sachs recommending investors buy the shares). Despite Bank of Portugal reassurance last night that “BES is able to raise capital), the stock is plunging on news of “unexpected facts” this morning…

  • *BANCO ESPIRITO SANTO SAYS SHAREHOLDER MEETING WAS CANCELLED DUE TO “UNEXPECTED FACTS”
  • *BANCO ESPIRITO SANTO FALLS MORE THAN 13% IN LISBON TRADING

Remember, this is systemic (as the Portugues President has warned), and the contagion is potentially global… not “contained.”

3 down, 1 to go?

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But The Bank of Portugal reassured everyone last night…

  • *BANCO ESPIRITO SANTO IS ABLE TO RAISE CAPITAL: BANK OF PORTUGAL
  • *BANK OF PORTUGAL SAYS BES SOLVENCY IS ASSURED

But now this…

  • *BANCO ESPIRITO SANTO SAYS SHAREHOLDER MEETING WAS CANCELLED
  • *BES SAYS MEETING CANCELLED DUE TO “UNEXPECTED FACTS”
  • *BES SAYS `UNEXPECTED FACTS’ INCLUDE ESFG FILING FOR PROTECTION
  • *BES SAYS ESFG AND CREDIT AGRICOLE WITHDRAW PROPOSALS

And the result…

  • *BANCO ESPIRITO SANTO FALLS MORE THAN 13% IN LISBON TRADING

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and this could go global…

20140728_BES

 

1 thought on “Banco Espirito Santo Plunges: Shareholder Meeting Cancelled Due To “UNEXPECTED FACTS”

  1. Another bankrupt bank from one more bankrupt country.

    Over two years ago, the IMF tried to establish a regulation for all banks to have five cents on deposit for every dollar claimed as an asset on their lying spread sheets.

    The banks would have needed to borrow the five cents.

    Deal died.

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