The shares of the Galician energy company EiDF fell by 69.99% yesterday, going from 29.76 euros to 8.93 euros, in their return to the market after more than four months of suspension. The high volume of sales recorded in BME Growth since the start of the day forced the market manager to widen the range of losses allowed, which had initially been estimated at a maximum of 50% .
At the end of the session, a volume of 34,827 shares could barely be married and many of the sell orders entered throughout the day in the market were left without a counterpart, therefore it is expected that the falls will continue this Tuesday, with a strong danger to the financial health of the company.
Yesterday alone, the energy company still led by Fernando Romero saw another 1.2 billion euros of its capitalization evaporate, which was 516.6 million. So far from the 1,721 million it had marked on April 14, the date on which it was suspended from the market when it was already aspiring to make the jump to the continuous market and be one of the fastest growing companies in the BME Growth, also known as in the SME market.
Yesterday’s fall was an announced chronicle. EiDF’s return to court was preceded by a warning from the CNMV that it had detected “indications of falsification of documents related to invoices, works or deliveries of materials that directly affect the group’s financial statements”.
The regulator of the financial markets was based on the conclusions of a financial autopsy (forensic) report that the EiDF itself had commissioned from the auditor Deloitte in April, when its listing was suspended due to delays in publication of the 2022 annual accounts due to discrepancies with the auditor, PwC.
This report states that three of the four partners of the company analyzed could have participated in the “falsification of contracts and documents by the company’s managers in order to justify the lack of control” over the situation of this company. Falsification of documents, invoices and payments for services not provided, alleged purchases of construction materials for which the execution license had not even been obtained.
Despite the authorization to list, the CNMV demanded a change in the top management, starting with its CEO, Fernando Romero, which according to EiDF is already underway. A relief that will not be easy to rescue the company after the stock market plunge and the lack of confidence to which the current management has led it.
