Zim : financial results in the second half of 2020 to be significantly better

Zim has issued a takeover bid for Series 1 and 2 bonds. Zim, the tenth largest company in the world in the container shipping market, is offering to purchase its bonds, which are due in June 2023. The takeover bid is up to $ 58.5 million, with the fund's balance remaining Series 1 is $ 360 million and the balance of the Series 2 fund is $ 115 million.The minimum bid price is $ 60 cents per dollar.
The offer will be conducted using the Dutch tender method, the scope of which is limited by Zim's liabilities as part of the 2014 debt arrangement under which the bond series were issued. Zim's Series 1 and 2 bonds are traded as part of an institutional continuum at a price of 14 cents to the dollar. From its own sources, taking advantage of the improvement in its cash flow.
As part of the proposal, the company, led by Eli Glickman, reported that it expects its financial results in the second half of 2020 to be significantly better than those it presented in the first half of the year, and in the second quarter of 2020 - which was one of the most profitable in its history. ZIM posted a net profit of $ 24 million in the second quarter of 2020 - an increase of 531% compared to the same quarter in 2019. This is a race for a 4.7% decrease in its revenues compared to the second quarter of 2019, to a level of $ 795 million.
The expected improvement in Zim's financial results in the second half of 2020 is due to the continuation of the recovery trend in the global market of marine transportation in containers, a relatively low price of marine fuel and an improvement in the company's performance. ZIM reiterated things included in the executive review that accompanied the financial statements for the second quarter of 2020, noting that it continues to explore ways to improve its capital structure through a private or public offering of capital or debt. The possibility of making an initial public offering of its shares.
It is estimated that ZIM hired the services of Goldman Sachs, Barclays and City Bank to examine the offering of its shares on the New York or London Stock Exchange, at a value of between $ 750 million and $ 1 billion.