Banco Espirito Santo Plunges: Shareholder Meeting Cancelled Due To "Unexpected Facts"

Tyler Durden's picture

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?

 

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

 

 

and this could go global...