Coupon privatization is still alive. At least through billions of crowns, to which no one has simply subscribed for many years. It is said that up to 15 billion crowns still sleep in the Czech Republic, which are waiting for someone to show interest in them. Time is running out, unknown investors will lose a lot of money. “This year, more than one billion will be added to what shareholders have lost before if they do not sign up on time,” says Daniel Surmař, founder of the Forgotten Billions project.
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What amount of property is currently forgotten in the old coupon books?
It is an asset worth more than 10 billion crowns, we estimate up to 15 billion crowns, it is an expression in real prices at which shares and related receivables can be monetized, when we do not include theoretical values that no one is able to pay. More than two-thirds of the value is the value of the shares, the rest are receivables in the form of dividends, compensation for shareholder crowds, and the like. The property is not forgotten in the old coupon books, they are de facto not needed for anything, the property is located in the so-called unclassified property accounts.
What will happen to shares that are not acquired in time by their legal beneficiaries? Is there a “deadline” – when?
In general, the right to shares cannot be time-barred. However, quite often it happens that companies crowd out small shareholders, in which case the shareholders must apply for compensation, usually within three years, otherwise the entitlement expires. Which is currently the case, for example, with the displaced shareholders of Unipetrol, where people forgot to pick up up to one billion and this claim expires at the end of September this year. And others will definitely follow. Shareholders must apply for a dividend payment within four years, otherwise they will also be forfeited. Thus, shareholders who have forgotten their shares from the coupon have lost more than 7 billion crowns in the last ten years.
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Didn’t the decisive part of the value of the shares from the “coupon” simply waste time?
Shares in the accounts, on the other hand, have risen in value over time to this day, but people have definitely lost their shares, or compensation for more than 3 billion in recent years, and more than one billion will be added this year if people does not log in on time.
What about stocks that are not traded on a stock exchange?
We are ready to buy them. In the long run, we will want to keep shares in the order of lower hundreds of millions of crowns in our portfolio. The investors of this project are their investment strategy, which responds to inflation risk and the growth potential of some companies or shares. At the same time, we will be able to finance the purchase of shares in the order of billions of crowns.
Often “old” shares will be a problem to value with an adequate price, how do you intend to do it?
We valued non-publicly traded shares on the basis of individual valuation models, and the financial statements for 3-5 years from the public collection of documents and other traceable information on the operation of companies were used as data.
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