On the way to end another successful exchange of state share privatization of a public company. Within nearly a month subject to a tender offer against compensatory instruments were 11.24% of the share capital of Golden Sands. Before him from the beginning of the year of privatization segment against compensatory instruments were traded 5.65 percent of the securities Alkomet-Shumen, 12.83% of Bulgartabac, 20% of DZI and 49% of the exploration and production of oil and gas. System approved by the privatization tender for the stock once again gave excellent results, and sufficiently attractive starting price of 12 compensatory bring spark interest among otherwise apathetic and loose in the winter lethargy stock trading.

Privatization of Golden Sands is the rich backgrounds, including the two previous failed attempts to sell. The first failure was due to excessively high starting price of 38 BGN in compensatory instruments and consequently a lack of investor interest in a dead expensive shares. A second unsuccessful auction is associated with the forfeited license from the Financial Supervisory Commission of Neftochim Invest Finance / intermediary in the sale of package / because of speculation in shares of Aptechno-Varna and LUKoil Neftochim. After nearly a year delay in the investment community had to demonstrate a few more weeks of patience while the new firm on the privatization issue fix documentation and be registered for sale privatization segment.

It is noteworthy and interesting schedule of the tender in which the shares of Golden Sands have been proposed in three parts with a time interval of five trading sessions between each of the stages. Such a system offering a gradual, albeit with a shorter time span, and was implemented during the summer to sell the state share of Bulgartabac. Undoubtedly, such a method of conducting the auction is aimed at small investors and aim to increase the freely tradable shares at the position. Through the process of privatization shall be given sufficient time for the ordinary investor to assess the situation and making a sober decision and the limited ability all offered shares to be bought by a single buyer.
The tender offer starts with the first package of 250 000 shares, but at the first announcement of the results showed that investor interest will be significant. Expectations for cheap shopping in compensatory shading were rapidly than the average price for the first auction of BGN 25.88 per share KI and tenders, six-fold excess of the quantity offered. Such was the situation during other stages where the price, as measured by restitution papers did not go down below 22.50. Crystallized that seemingly low starting price is not a criterion for the poor quality of the proposed company, but rather more of a promotional gimmick, and an additional incentive to the market for a more realistic assessment. Phased offering, mixed with low minimum bidding price, confirmed the theory of macroeconomic equilibrium, namely: repeated if demand exceeds supply, it affects the price in a positive direction.
Interest in the auction of the Golden Sands was in part dictated by the lull, the king of the privatization front. The prospect that this will probably be the last in a company this year, not at the mores of the majority of small investors and led to involvement unlikely not only because of the sport. Symbolic financial results, the company reported once season, they could not stopped interest in the auction. Reduction of profit for first nine months of this year to 3.99 million from 5.35 million for the same period last year when statistics for the increasing number of foreign tourists in the country ought to sound scary enough for most stock market participants. Somewhat strange how a company which owns six hotels in famous Bulgarian seaside resort, managed to achieve so mediocre financial results, which probably exceeded only in giving the hotels leased.
Just another successful stock auction proved successful so far, however, the primary holders of compensatory securities. Auction of Golden sands were used over 18 million records and bills, but this does not lead to significant changes in the price of securities restitution. Trade in them is maintained in the range 22.50-23.50% for a dollar face value, but zero in the auction were simply compensatory drop in the ocean of compensatory resources