Expect the price to rebound. This is all about the rights and people gambling that they can pick up rights and with them get cheap shares.
Why anyone thinks a PP is better than a right is beyond me and Botin is telling MPV that they will get their money which to the rest of us means MPV will be cashed up going forward. As I have said, any time the shares is sub 4.00 with less than 90 million OS the shares are cheap.
You can sell your rights for 2.5 cents so that is a free 18 cents per share. Buy shares and sell the rights and MPV just put a little more money in your pocket, and people complain.
Again, the shares are undervalued because people are trying to get rights and it is not working.
Botin is going to pay 3.50 for their shares regardless of the share price. Botin will also buy all the shares no one wants connected to the shares for 3.50 regardless of the share price.
If botin did a PP he would have got the shares for 3 bucks and free warrants that they would have converted to shares.