Stock Exchange Information

Sos Cuétara stock is traded over the stock exchange interconnection system, commonly known as Spain’s “continuous market”, which encompasses stocks listed on the exchanges of Barcelona, Bilbao, Madrid and Valencia.

				VOLUME				PRICE
				MAXIMUM		MINIMUM		MAXIMUM		MINIMUM		LAST
	NUMBER SHARES	CASH	DAYS	SHARES	DATE	SHARES	DATE	PRICE	DAY	PRICE	DAY	AVERAGE	PRICE	DAY
JAN.	3.890.012	33.295.592,38	20					9,33	31-01	8,20	3-01	8,55	9,32	31-01
FEB.	3.915.016	36.850.736,39	20					9,66	28-02	9,26	8-02	9,41	9,62	28-02
MAR.	5.001.584	48.458.55,82	21					9,73	21-03	9,62	8-03	9-68	9,72	31-03
APR.	4.562.572	47.114.107,205	21					10,85	26-04	9,70	1-04	10,32	10,72	29-04
MAY.	6.310.846	72.567.680,24	22	842.386	27-05	277.400	30-05	12,25	25-05	10,74	3-05	11,49	12,14	31-05
JUN.	7.933.550	86.159.323,23	22	1.170.476	28-06	102.310	9-06	12,18	2-06	9,75	28-06	10,85	10,54	30-06
JUL.	3.709.158	37.954.777,94	21	364.346	15-07	48.339	25-07	10,66	1-07	9,90	7-07	10,23	10,20	29-07
AUG.	4.046.787	43.633.933,82	23	585.926	12-08	42.711	24-08	11,35	22-08	10,10	1-08	10,78	10,49	31-08
SEP.	2.440.275	26.018.503,34	22	288.791	1-09	39.936	8-09	10,89	2-09	10,35	30-09	10,66	10,55	30-09
OCT.	4.632.242	46.990.082,81	21	539.627	7-10	58.566	21-10	10,50	3-10	10,00	7-10	10,14	10,08	31-10
NOV.	3.023.221	31.139.812,67	22	387.173	28-11	25.948	1-11	10,82	30-11	10,00	8-11	10,29	10,65	30-11
DEC.	13.998.580	149.176.145,20	21	7.483.352	8-12	39.515	6-12	11,00	30-12	10,45	13-12	10,87	11,00	30-12
TOTAL	63.463.843	659.359.250,89	256	7.483.352	8-12	25.948	1-11	12,25	25-05	8,20	3-01	10,39	11,00	30-12

In addition as a result of the capital increase undertaken last year the following subscription rights were also traded.

				VOLUME				PRICE
				MAXIMUM		MINIMUM		MAXIMUM		MINIMUM		LAST
	NUMBER SHARES	CASH	DAYS	SHARES	DATE	SHARES	DATE	PRICE	DAY	PRICE	DAY	AVERAGE	PRICE	DAY
JUN.	28.979.980	19.655.092,84	11	13.545.332	28-06	340.121	16-06	0,93	14-06	0,55	28-06	0,67	0,66	28-06

 

2005 TRADING RECORD OF SOS CUÉTARA SHARES

2005 proved to be another year in which the shares of Sos Cuétara rose in price over the preceding period, ending the year 33.98% up, one of the largest gains on the Spanish bourse.

In hard figures, the trading performance of the stock in 2005 produced the following results:

- Shares traded: 63.463.843.

- ECash paid: EUR 659.359.250,89.

- Gain on traded price: 33,98 %.

- Market capitalisation as at 31/12/2005: EUR 1,511,882,152.

In 2005 there were two events that impinged directly on the shares of Sos Cuétara. The annual general meeting of shareholders held on May, 6th 2005 approved a 1x4 share split which reduced the face value of the shares in the same proportion.

The operation became effective on 23 May and meant that the share capital of the company changed from 28,634,132 shares having a face value of EUR 6.01 each to 114,536,528 shares each having a face value of EUR 1.5025. The purpose of the split was to make the stock more liquid, as in fact occurred.

The same AGM also approved a capital increase that was executed in June, under the following conditions:

- preferential subscription rights,

- theoretical value of a subscription right: EUR 0.85,

- proportion of increase: one new share for every five existing shares

- price of each new share: EUR 6.75,

- period allowed for preferential subscription: 14 to 28 June

- amount of the increase: EUR 154,624,302,

- new shares issued: 22,907,304.

The second of the two tables above gives a summary of trading in preferential subscription rights, where, as occurred in the capital increase undertaken in 2004, the price oscillated around the theoretical value of the rights, EUR 1.75. However, this time round there was a much greater degree of volatility, brought about by the interest shown by numerous investors looking for shortterm gains.

Consistent application of the Sos Cuétara business model, made more visible by the international acquisitions that took place in 2005, attracted overseas investors who not only purchased shares on the open market but were particularly active at the time of the capital increase in June.

The demand for SOS shares throughout the year, as shown in the graph below, forced prices up. The major peaks, however, came with the acquisition in March of 100% of the capital of the Italian olive oil company Minerva and with the signing in November of an agreement with the food multinational Sara Lee to acquire the whole of its rice business in the Netherlands, notably its leading brand, Lassie. And right at the end of the year, to round off a period of major acquisitions, a start was made on what from a strategic standpoint was almost certainly the most important operation of all: purchase of the leading Italian olive oil company, Carapelli. An initial agreement was reached in December 2005 and the operation was completed in the early part of 2006, following due diligence.

The above graph, and the one following, show how the traded price and the gain obtainable on SOS shares moved up sharply, only to be held back by the share split and capital increase, which together brought a much greater volume of shares into play, and the usual flowback following a capital increase.

The graph also shows how in the month of August, bucking the general market trend, SOS shares moved up on news in the Spanish and international press of the benefits of olive oil as a basic component of a healthy diet.

According to a number of reports and analyses we had access to, at the time of the AGM, 6 May, roughly 12% of the free float was held by overseas institutional investors following the major internationalisation drive undertaken by the company. In 2005 the company conducted eleven international road shows visiting twelve cities in five countries, including one-to-one meetings with 61 individual investors.

In addition the company held three public presentations in Spain attended by 77 domestic and foreign investors, with most of whom one-to-one meetings were also held. These public presentations were aside from the 21 individual meetings organised by the company, attended by a total of 30 investors.